Altcoins Price Analysis: There Is A Gradual Drop, Replacing Flat
The current situation on the cryptocurrency market illustrates a continuing correction. The short-term outlook of the cryptocurrency market is achievement of the goals of local decrease the subsequent growth to the top limits of relevant correctional corridors. The market, perhaps, is waiting for some external incentives or catalysts which will help cryptocurrencies to leave consolidation.
BCH/USD demonstrates the continuation of the downtrend development. After formation of convergence on the MACD indicator the impulse of growth tests resistance of the relevant channel of decrease.
After rebounding from the resistance line, the next reduction impulse is reaching support at $ 478. The development of such a scenario is the Black Cross signal on MACD.
The main resistance to the current dynamics is the level of $ 525. Its breakdown will allow BCH/USD to rise to levels of $ 550.50 and $565. As confirming factors for the development of upward dynamics will be not only the approach and test of the $525, but also the Golden Cross on Stochastic in the oversold zone.
Current EOS dynamics on the hourly chart demonstrates the presence of an upward trend. At the same time in the short-term scale quotes are reduced to the line of support of the upward channel. The purpose of the decline is $ 5.77, the breakdown of which will open the door for the quotes to go down to the lower projection channel to $ 5.62.
In the case of overcoming the level of $ 5.62, we can expect a decline to $ 5.50, and then - the development of a new growth impulse. In turn, MACD indicator formed the “Black Cross”, the Stochastic indicator went out of the overbought zone. This may indirect confirmation of development of the descending dynamics in the next week.
It is impossible to exclude a possibility of breakdown of the line of resistance around a mark of $5,95 also. Its breakdown will be a signal for further growth to the level of $6,18.
On the Ethereum hourly chart, we can see the overcoming of the support line for the short-term growth channel. Growth trend was a correction within the downtrend. The breakdown of support accompanied by the formation of “Black Crosses” on Stochastic and MACD, which were additional confirmation of the downtrend development.
As its goal it is worth considering the support line and the level of $ 205. But the achievement of this goal will be possible only after the breakdown of the local support level at $ 220.10. In the event of a breakdown of local resistance in the $ 230.40, the growth impulse may reach $ 238.35.
At the moment Litecoin demonstrates the consolidation of cryptocurrency quotes in the lower projection corridor. The current dynamics can be described as flat. At the same time, the market forms a downward channel.
The main local goal of the decline is the support line of the projection corridor - a mark of $ 53.15. This goal can be achieved after the breakdown of the level of support for the flat at $ 56.30. Confirming factors in favor of the development of decline are the transition of MACD lines to the negative area, “Black Cross” and the departure of Stochastic to the oversold zone.
Ripple on the hourly chart shows the period of correction in the form of flat. But at the same time, the cryptocurrency is in a downward trend. Overcoming the lower limit of the flat will allow quotes to reach the support line of the medium-term correction channel - the level of $ 0.414.
The next reduction impulse, reaching the target area and stochastic entry into the oversold zone will allow to form a convergence as a turn signal. The main confirmation of the trend will be the breakdown of resistance at the mark of $ 0.471, and the growth target will be the level of $ 0.60.