Altcoins Price Analysis: Return To Status Quo
The cryptocurrency market demonstrates a confident recovery. So, over the past week, many digital currencies from the top of the Coinmarketcap rating have significantly increased in price.
As before Ethereum demonstrates the movement in the downlink on the 4-hours chart. In this case, short-term upward dynamics is a correction relative to the last momentum of decline.
At press-time quotations have almost reached the level of 50% Fib. Local upward movement develops within a narrow channel. The main target of this momentum are in the range of $ 996 - $ 1015. The level of $ 996 corresponds to the 61.8% Fib, and the $ 1015 level is near the resistance of the main downstream channel.
It is not necessary to exclude overcoming the support line of the local upward channel. So, in case of its breakdown in the area of $831, we can expect a decrease in the projection corridor to the level of $730.
Currently, testing of the main channel resistance is observed on the 4-hour chart of Bitcoin Cash. Such testing has the potential of breakdown and fixation above the resistance.
The subsequent movement will go along the projection corridor. The main goal of this movement will be near the resistance of the projection channel - at $ 1800.
Testing of the resistance line may delay in time and reach the level of $1032. A rebound from this level will set the tone and pace for reaching the target mark of $ 1,800, while at the same time outlining the channel of movement of quotations, which stabilizes the situation on the market.
However, the decline in quotations below $ 1032 will indicate the development of a new downward momentum. The next target may be a level of $ 200.
The situation of "digital silver" should be assessed based on the dynamics of short-term and medium-term trends. There is the breakdown of the resistance line of the short-term downlink on the 4-hour chart. Such situation allows us to determine the potential corridor of the upward movement.
The goals of the new uptrend may be $ 220, and then $ 280. The $ 220 is the resistance of the current projection channel. Overcoming the level around $ 220 will mean a breakdown of the channel's resistance line. This, in turn, will allow Litecoin quotations to move to the next projection channel, to its resistance at $ 280.
At the same time the market has overcome the resistance line of the medium-term decline channel, which indicates a change of trend. The target of the new trend is on the resistance of the medium-term projection channel. This target coincides with the level of $ 280.
The chart STR/USD t indicates the possibility of changing the medium-term trend. Currently, the market is trying to overcome the resistance line of the medium-term downtrend. The potential for the development of a new upward movement can be determined from the resistance line of the projection channel, into which the quotes move. The most likely target may be $ 0.63.
In the short-term, the line-up channel of the aptrend may be disrupted by a breakdown of the support line and a decrease to $0.30. This can only be a continuation of testing the current main area of medium-term resistance.