Altcoins Price Analysis: Bears Still Coming
The majority cryptocurrencies are still in the "red zone", amid the negative news.
The picture by Stellar indicates the completion of the corrective uptrend breakdown of the support line. At the moment, quotes is tending to the projection channel support. The local goal of the developing momentum of decline may be $ 0.439, but on the way to it the market can re-test the breakdown zone of $ 0.588-0.655.
After reaching the local goal of $0,439 and overcoming the corresponding support, the market will be able to continue decline to the significant low of $0.305.
Cryptocurrency Ripple failed to develop a corrective upside momentum. After a lengthy testing of the support line, quotes formed a new channel of decline.
Currently the market is testing the horizontal support line, the rebound from which may lead to growth and re-test the relevant line resistance near the level of $1,29. A bounce off this level would indicate the formation of a new momentum of decline. Its goal will be a line of support for the current corridor - a level of $ 0.76, coinciding with the current minimum.
It is also worth to pay attention to the version of the breakdown resistance zone at a mark of $1,29. In this case, quotes will be able to move up in the projection corridor and the resistance line at $1,70.
At the 4-hours chart Ethereum we can see test of the support line. Technical, this situation can be described by two hypotheses. The first, the most probable, indicates the possibility of support break and a decrease to the projection channel to $ 865. According to this scenario, the market can test local resistance near $ 1145.
Another possible development scenario may be a rebound from the current support line. In this case, the market will continue to move within the current channel. The main goal of such a movement can be the current maximum - $ 1,427. After reaching the target level, you can expect a short-term pullback to the previous fractal highs.
The technical picture of Bitcoin Cash has not changed - the dominant trend remains to the downside. In this context, it is necessary to consider the immediate prospects for the current situation. In the short term, the market is building a local downside channel, while testing the support for the medium-term correctional triangle. Completion of testing promises reduction to the support line of the short-term downtrend channel — $1100.
Overcoming local support line will indicate a strengthening momentum of decline and opens the way into the next corridor projection of $495. Major resistance is around $1700.