Altcoins Price Analysis: Every Rule Has An Exception
The current situation on the cryptocurrency market characterizes as a correction. The only exception is Ripple, as the growth phase began here.
In terms of technical analysis, falling highs, but the remaining minimums indicate a market consolidation. Thу longer will consolidation, the more powerful the impulse will. At the dominating descending tendency an exit from consolidation it can trade in the lower direction.
The medium-term dynamics of Bitcoin Cash quotations develops in the uptrend. The short-term picture illustrates the completion of the downward corrective trend after the rebound from the support line. The breakdown of the resistance of the short-term growth channel may allow the quotations to rise to the level of $ 462.60. The support is the formation of the "Golden Cross" in the "oversold" zone on Stochastic. Having overcome level of $462,60, the trend will continue to move to $ 487,00. Without excluding the possibility of another impulse of decline, it is worth considering the possibility of a breakdown of the local support level at $ 437.90. Having broken it, quotes will be able to test the basic support near the $ 425.55. A confirmation of this will be a decrease in MACD lines for a zero level.
EOS/USD shows a rebound from the support line of the medium-term growth channel. In addition, we can see that the growth impulse overcame the resistance of the descending channel. With the support of the Golden Cross on Stochastic the market is shaping a new growth trend. As a primary goal of lifting, it is worth considering the level of projection resistance - $ 5.62. The next target of growth will be the resistance level at $ 5.80. The main target of the new trend is resistance of the medium-term growth channel near the level of $ 6.57. The main support is at $ 5.05.
ETH/USD trades in downtrend after the breakdown of the support for the corrective growth channel, which may indicate the beginning of the next impulse development as part of a long-term downtrend. As its purpose it is necessary to consider the support line of the projection channel - the level of $ 185.00. But at the moment, the local support level of $ 209.00 is an obstacle to the development of the decline. Given the "Golden Cross" in the "oversold" Stochastic, in the short term one can expect a correction to the previously overcome support line (which became resistance) - $ 230.00. In turn, a break of $ 230.00 and consolidation higher may signal a continuation of growth to the level of resistance - $ 280.90.
Corrective downtrend on Litecoin tested the medium-term support channel of the upward trend. The "Golden Cross" on Stochastic and the breakdown of the resistance may be signals of the development of a new growth impulse in the composition of the medium-term growth trend. The emerging channel of upward dynamics shows that the local growth target may be at $ 59.40, and the next - near the resistance line of the long-term downtrend at $ 62.60. The main support level is now $ 55.76, and a breakdown of this level can become a signal about the beginning of the formation of the impulse of decline to the last significant minimum by $ 47.02.
Due to the intensive growth of Ripple forms a rather wide corridor of the upward trend. At the moment, we are witnessing the overcoming of the line of resistance of corrective decline and the formation of a new growth impulse. In support of the opinion about the upcoming increase in quotations, we can consider the "Golden Cross" on Stochastic. The first significant growth target may be the resistance of the projection channel at $ 0.6405. Break of this level will open the way to the main resistance line and to the level of $ 0,8755. In turn, overcoming the current support level of $ 0.4435 will mean the possibility of a decline to significant medium-term support at $ 0.2800.