Altcoins Price Analysis: It Is Possible A Reduction Of Prices
Having estimated cryptocurrencies dynamics for the last several weeks, it is possible to state continuation of development of correctional flat. This situation can soon change and overcome levels of support. The cryptocurrencies quotations will start over again forming decrease impulses.
Some of the more volatile tools will decrease faster and others slower. Much indicates that it is too early to talk about the reversal of long-term trends.
ETH/USD shows overcoming the line of support of the correctional channel that can speak about continuation of long-term descending trend formation. The breakdown confirmed by the formation of the "Black Crosses" on MACD and Stochastic.
The immediate target of the downward momentum development may be the support line for the short-term downtrend to $ 390. After that, the most probable may be a rollback to the resistance line for fixing positions and testing the previously overcome support zone. The rollback target is $ 430.
A rebound from the resistance level will allow the market to develop a decline momentum not just to the support line, but to the long-term fractal level of $ 358. Further behavior and decisions of market participants near this level can form a medium-term flat in anticipation of any new fundamental information.
BCH/USD is going to test the resistance line of a correctional corridor only. Then quotations have managed to test the field of local fractal support that can be the factor indicating "bear" moods on the market.
In support of the bears, the MACD declined into the negative zone and the downward channel of the short-term trend formed. But, if you look at Stochastic, you will see the "Golden Cross" in the field of "oversold", which may indicate the possibility of a rollback in the ultra-short term. Its target locates on the resistance line of the short-term downtrend near $ 790.
In case of resistance breakdown the market will continue to form of correctional flat and quotations will be able to rise to the level of $850. But with a rebound, we should expect a new impulse to decline to a local support line - $ 707. Next, the market will focus on testing the medium-term support line.
EOS/USD is still included in the scope of the corrective corridor. So the construction of a new short-term downtrend is aimed at a support level of $ 6.28, the breakdown of which will confirm the continuation of the development of the long-term downward trend.
In the short term, we can expect a decrease to the local support line at $ 6.95, followed by a pullback to the resistance line at $ 7.90. Confirmation of this hypothesis will be the formation of the "Golden Cross" on Stochastic. To exclude the possibility of breakdown of the resistance line and the growth of quotations to the level of $ 9,16 is also not possible, so the situation must constantly monitor and adjust the disposition.
The technical picture of Litecoin demonstrates the formation of a new downward trend channel within the medium-term corrective corridor. At the moment, we can observe how the quotes are testing the support line of the current corrective trend. The breakdown of support will allow quotations to move to the lower projection channel and decrease to the support level of $ 61.20. Indirect confirmatory factor can serve as reduction of MACD lines in the negative zone.
The short-term prospects promise decrease to the line of support of the short-term descending trend at a mark of $72,87. The prospect of forming a "Golden Cross" in the area of "oversold" by Stochastic may indicate a pullback potential to the resistance line - around $ 84.00. The rebound from the specified level will allow to develop decrease to the level of support of $68,85, and later to $61,20.
If we consider the dynamics of quotations Ripple from the point of view of technical analysis, then the current situation can be treated as a stable flat.
Approaching the support line, quotes rebounded from it, forming an impulse of growth. This impulse is directed, first of all, towards the resistance line of the projection channel around $ 0.4782. Then quotations can continue growth to the resistance line of flat at a mark of $0,5250. The possibility of realizing this scenario is indicated by the Golden Cross on Stochastic, and a similar pattern on the MACD will only confirm this hypothesis.