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Altcoins Price Analysis: It Is Correction Despite Consensus 2018

Now there are many news that have impact on all cryptocurrencies market. From 14 to 16 May in New York is holding Consensus 2018, organized by the popular media CoinDesk. This conference is the most important event for the whole industry, as it discusses the most pressing and important issues from the world of blockchain and cryptocurrency.

It is the forth Consensus with 4,500 participants and more than 250 well-known speakers. Traditionally, the event has a significant impact on the cryptocurrency market. Perhaps this year will not be an exception, and Consensus 2018 will give positive signals for the market.

The second sign moment for the cryptoindustry it is possible to call statements of large participants of the traditional financial market for plans for integration into the world of cryptocurrencies. So, last week the operator of the New York Stock Exchange (NYSE) — Intercontinental Exchange (ICE) — has started development of the online platform for bitcoin trading.

Ethereum

ETH/USD consolidates above  EMA 200 that speaks about strengthening of bull moods in the market.

ethusd

From the point of view of Elliott wave analysis, we can say that now the price is in the second correctional wave, which has already reached the level of 38.2% ($ 653.63). This indicates a forthcoming transition to the third wave and a possible recovery of the uptrend.

The second wave can reach levels of 50% ($ 597.90) and 61.8% ($ 542.18). This means that in case of breaking through and fixing the price below $ 653.63, we can expect the continuation of the downward movement to $ 597.90, and then to $ 542.18.

On the other hand, if in the current situation the price starts to consolidate and forms an upward trend, then we can talk about the transition to the third wave. Then it will be important to fix above the peak of the first wave, namely - the level of $ 831.95.

According to the Fibonacci scale, the target for the third wave will be the range of $ 1009.55-1121.96.

Ripple

Ripple is in the second correctional wave now. However, if we look at the chart(H4, H1), we can see some incompleteness of the corrective movement. Based on this, the price of XRP can still fall in the range of $ 0.56-0.51.

xrpusd

The dominance of bearish sentiment is also evidenced by the consolidation of the price under the "heavy" EMA 200 and the intersection of the oscillator AO (Awesome Oscillator) level 0 in the direction from top to bottom.

After achieving these goals, one can expect consolidation of the movement and transition to the third wave. The purpose of the latter can be a range of $ 1,12- $ 1,23.

Bitcoin Cash

Bitcoin Cash is also in the corrective stage, which has already reached the level of 50% on the Fibonacci scale. In the case of consolidation under this level, one can expect movement to $ 1093.94 (61.8%).

bchusd

The price has to consolidate above the following resistance levels: $ 1500.59, $ 1640.35, $ ​​1853.28. to end the correction.

EOS

The recently completed strong growth of the EOS cryptocurrency marked by the maximum peak on the AO indicator. This means that the growth occurred within the third wave of Elliott. It follows that at present the price is in the fourth wave and has already reached the level of 61.8% ($ 12.03).

eosusd

However, it is too early to say about the imminent transition to a new wave. Note that recent rapid growth was largely triggered by a strong fundamental background. However, the current correctional movement is quite strong and impulsive, which may entail a new downward trend.

If the price starts consolidating at the current level and forms a pulse upward movement, then it will be possible to talk about the beginning of the fifth wave. However, for this it will be necessary to gain a foothold above the levels of $ 15.24 and $ 19.05. Strong resistance for the upward movement can serve as the peak of the third wave - $ 23.07.

The target for the fifth wave will be the range $ 27.34-30.02.

Litecoin

The price consolidates below EMA 200, which indicates the strengthening of bearish sentiment.

ltcusd

Staying in the corrective movement, the price is in the interval between the levels of 50.0% and 61.8% on the Fibonacci scale. In case of consolidation below 61.8% ($ 137.39) and $ 132.54, a downward movement to the level of $ 109.11 may be formed.

If, in the near future, the price starts to rise and consolidates above the EMA 200, then we can talk about the transition to a bullish trend and the beginning of the third wave of Elliott. The goal for the latter can be a range of $ 209.93-226.78.

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