Altcoins Price Analysis: Waiting For Breaking Events
The current situation on the cryptocurrency market can be described as consolidation before a rapid impulse. Thus, the market is trying to show that it expects some event, news as a catalyst for the future movement.
For some cryptocurrency market instruments, a new impulse may become a driving factor for breaking the current trend, and for others, an accelerator of medium-term dynamics. It is possible to conclusion at the moment there is inconsistency of opinions and views on the current and near-term development of trends in the cryptocurrency market.
Considering the technical picture of Bitcoin Cash on the hourly chart, we note the fact of the downward trend development. The current situation is a correction from the previous growth pulse.
The purpose of its development is the line of support for the current corridor - the level of $ 471. As a confirming factor, there is a decrease of Stochastic and MACD indicators. After reaching the support line, we can expect a rebound and the formation of a growth pulse to the level of $ 550. The confirmation is a “black cross” in the oversold zone of Stochastic.
The local resistance level is $ 537. In case of breakdown of this level, an increase to $ 586 is possible.
EOS/USD is forming a consolidation “triangle”. On a local scale, the support level is at $ 5.30, and the resistance level is at $ 5.85.
Since the mid-term trend quotes are within the ascending channel, but at the same time, the last significant maximums are falling, we should expect a breakdown of the local support level of $ 5.30. Then a price reduction to the line of support for the main channel may follow - the level of $ 4.90.
Overcoming this level may allow the price to go even lower - to the support line of the formative channel of decline - to the level of $ 3.70. In favor of the development of the downward dynamics may be "black crosses" on Stochastic and MACD. In case of a breakdown of the resistance level of $ 5.85, the target of growth may be the mark of $ 7.
Currently, Ethereum quotes demonstrate testing of the support line for the medium-term growth channel. The current situation is described as consolidation before a rapid impulse. The breakdown of the resistance level of $ 232.50 may allow quotes to rise to $ 275.50. Accordingly, the breakdown of the support level of $ 214.20 may open the door for the development of a downtrend to the support level of 182.00, and then to the key minimum.
At the same time, considering the dynamics of the indicators Stochastic and MACD, we see the aspiration of the lines up, therefore the possibility of the growth impulse development is considered as the main one.
LTC/USD is going to break the support line of the medium-term growth channel. The aim of the downward trend may be the support line of the projection channel is the level of $ 50.80.
Divergence and the “black cross” on the MACD are supporting factors in favor of the hypothesis on the development of a downward trend. The goal of further growth is to consider the resistance line and $ 70.
After the breakdown of the resistance line of the previous downward channel, the XRP/USD moved to the upper projection corridor. But after the test and the breakdown of the support line of the upward channel, the market began a corrective downtrend.
The corrective decline has reached the support line of the lower projection channel and is currently trying to develop a growth impulse to the current resistance level of $ 0.5607. Break of this level will open the way to the marks of $ 0.6405, and then to $ 0.6895.
The key support level and possible target for further decline is the area at $ 0.4730. At the same time, the observed decrease in Stochastic lines into the oversold zone may suggest the potential for the growth impulse formation.