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Cryptocurrency Market Analisys: Bullish Sentiment Raises Bitcoin To New Peaks

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Bitcoin continues to grow steadily. A strong rally took place after the cancellation of the head and shoulders reversal pattern. At the same time, EOS and Litecoin are only preparing for the breakdown of resistance levels, Bitcoin Cash and Ethereum have gone to highs update, but the development of a strong upward trend has not happened here yet. In general, the market looks charged to continue such a rally. You shouldn’t rule out a tight test of $ 15,000 for Bitcoin, the breakdown of which will indicate that the long-term downstream channel is out and indicates the completion of the correction. Such a breakdown is going to send cryptocurrency to new peaks.

Bitcoin

The first cryptocurrency moves within the framework of a strong bull rally. Technical analysis of the daily chart indicates the proximity of the upper boundary of the downward channel. This may trigger the start of a serious correction. In favor of such a correction, the downward resistance test on the RSI indicator also comes forward. However, the breakdown of the channel boundary and closure above $ 15,000 will indicate continued growth with a target above $ 20,000. As the main trading idea, we should expect a rebound from the resistance level of $ 13,270 with a test of the support level of $ 11,275. Further, an attempt to continue growth with the quotes for long-term downstream channel limits. An additional signal here may be a test of the support line on the relative strength indicator. Cancellation of the option of raising the cryptocurrency can make a strong fall and a breakdown of the level of $ 10,355, this can provoke a continuation of the correction with the goal of $ 8,965.

On the 1-hour chart, bitcoin moves inside the channel. RSI indicator values ​​pushed off resistance, which indicates a potential test of $ 13,270 before the next correction. As a short-term trading idea, we can expect a test of the lower limit of the ascending channel at $ 11,275 and then continued growth. Confirmation of the development of an upward trend will be a breakdown of resistance and closing above the level of $ 13,270. In this case, we should expect the test level of $ 15,000. Cancellation of the option will be a fall and a breakdown of the level of $ 11,275, this will indicate that the quotes leave the channel and fall to the level of $ 10,355. However, such a decline in this case should be considered as a correction before the new wave begins growth.

EOS

EOS cryptocurrency is trading within the ascending channel. The potential for the formation of the head and shoulders reversal pattern is reduced. As we can see, the “right shoulder” of the model is much more than the “left”, which indicates the pressure from buyers. Such a scenario with a high probability will cancel the model and indicate a continued rise of the digital asset. As the main trading idea, a decline is expected and a test of the lower boundary of the channel at $ 7.30. Further, the rebound and continued growth with a potential goal of $ 9.85. In favor of this option will test the lower limit of the model "Triangle" on the RSI indicator. The breakdown of the upper limit will indicate confirmation of the development of an upward trend. The cancellation of the scenario can be a fall and a breakdown of the level of $ 7.20, which will indicate that the quotes leave the channel and continue the correction with the target at the level of $ 5.90.

On the 4-hour chart, EOS was able to push off from the lower boundary of the rising channel. This indicates continued growth with a target of $ 8.77. An additional signal in favor of such a movement is a rebound from the support line on the RSI indicator. Confirmation of the rise will be the breakdown of the resistance level and the closure of over $ 7.55. The cancellation of the cryptocurrency growth option is the decline and the breakdown of the lower boundary of the channel with closure below $ 7.20, this will indicate a continuation of the correction with a target of $ 5.95.

Ethereum

Ethereum tests resistance. In general, the cryptocurrency continues to grow. The main idea was to grow by the width of the broken upward channel. As we see, the market has successfully fulfilled such a goal. At the moment, we can expect a decline and a test of the lower limit of the rising channel at $ 285. After that - continued growth with a potential target of $ 416. The cancellation of the option will be a fall and a breakdown of the level of $ 286, this will indicate that the quotes are out of the ascending channel and fall to the level of $ 219. Confirmation of the rise of cryptocurrency will close above $ 348.

On the 1-hour chart, Ethereum also successfully completed the “5-0” ascending model. As a short-term idea, we can expect a test of support at $ 320 and beyond - the continuation of the development of an upward trend with a target of $ 416. We should expect an acceleration of the rise in the case of strong growth and the breakdown of the upper boundary of the ascending channel. Cancellation will be the fall and breakdown of the level of $ 315, which will indicate that the quotation leaves the channel and continue the correction with a potential target of $ 286.

Litecoin

Litecoin is moving above the Ichimoku Kinko Hyo Indicator Cloud, this indicates an uptrend. Here, the quotes are constantly repelled by the signal lines of the indicator, which indicates the strength of the current trend. As the main trading idea on the daily chart, we should expect an attempt to decrease and test the nearest support level of $ 124 and further, continuing to rise with the first goal of $ 146. A breakdown of this area will indicate an acceleration of growth towards the next target at $ 187. The maximum allowable correction indicates a test level of $ 105. Cancellation of the growth option can be a decrease and a breakdown of the support level of $ 102. Such a scenario will indicate the quotes out of the channel and the continuation of the fall with the goal at the level of $ 66.

On the 4-hour chart, Litecoin moves within the rising channel. At the moment we are seeing a rebound from the lower boundary of the channel, which will indicate the potential for continued growth. In favor of this rise stands trendline test on the RSI indicator. Confirmation of the rise will make a breakdown of the downward resistance line on the indicator and closing quotes above $ 146. the cancellation of growth will be a fall below the level of $ 123, in this case we should expect the continuation of the correction with the goal of $ 102.

Bitcoin Cash

Bitcoin Cash went to update highs. At the moment, copying to break through the resistance area, which may indicate continued growth with the first goal at $ 636. In favor of this, decoupling is the exit beyond the upper boundary of the model "Triangle" on the RSI indicator. This breakdown indicates the acceleration of the current growth. Cancellation of the lifting option can be a breakdown of the lower boundary of the channel, in this case, the target of the decline will be the area of ​​$ 337.

A 4-hour chart indicates a tight test of the $ 521 resistance level. Here is the upper limit of the ascending channel. With the breakdown of this level, we can expect a strong growth of cryptocurrency with a target of $ 636. An additional signal in favor of such a scenario is a rebound from the lower border of the Bollinger Bands indicator, which indicates the strength of buyers at the moment. As a short-term trading idea, we can expect a test of the support level of $ 450 and further, continued growth. Cancellation of the continuation of growth will be the fall and breakdown of the lower boundary of the channel, in such a negative case, the target of the fall will be the area at $ 226.

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