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Cryptocurrency Market Analisys: Market Decline Increases

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The cryptocurrency market keeps adjusting. The strong movements have not yet occurred, but the risks of a decrease are increasing. Perhaps the leading cryptocurrency is just gaining strength before the next growth wave as part of the development of the Triangle model. But to confirm this may the breakdown of the upper model's boundary.

However, we can expect a rebound from the lower border of the pattern and an attempt to assault the bulls at the level of $ 11,005. At the same time, the reluctance of the leading digital asset to move further up and constantly decreasing highs indicates the weakness of buyers. In this case, a breakdown of the lower boundary can provoke a serious bearish correction. The altcoin market will “fail” even lower, not recovering from the current decline.

Bitcoin

The leading digital currency keeps evolving on an important support level - $ 9,190. Moving averages also indicate a continued upward trend and the presence on the market of bulls that manage to keep the price of cryptocurrencies within the framework of the Triangle model. In any case, the formation of such a model implies uncertainty until quotes go beyond the limits of the pattern. However, while prices are pushing from the lower border, it makes sense to talk only about an upward bounce and an attempt to develop an upward movement. The confirmation will be a breakdown of the nearest resistance level and fixing quotes above $ 11,005.

Here we see a moment where prices have not reached the upper boundary of the Triangle model, and in the case of a tight test of the lower, the bears can easily “push” the rate even lower, which ultimately will provoke another wave of correction to the level of $ 7,175.

We can see the formation of the next head and shoulders reversal pattern. We have already seen the formation of such models, but the market is in no hurry to work them out. Here, an interesting area for a rebound and the beginning of the upward movement is the level of $ 9,500. Here we can expect the completion of the right “Shoulder” of the reversal pattern. An additional signal in favor of the rise will be a test of the support line on the Stochastic Oscillator indicator. Moreover, we have already seen rebounds from the oversold level. Confirmation of the readiness of the digital asset to move up will be a breakdown of the upper boundary of the downward channel and consolidation above the level of $ 11,005. However, do not underestimate the pressure from the sellers, which can provoke a breakdown of the minimum and the formation of the model, which will indicate a further downward movement.

Ethereum

ETH/USD pushed off the resistance level and at the moment there is still potential for a decline to the level of $ 145 once again. As you can see, the moving averages have already crossed, indicating a resumption of the bearish momentum. An additional signal in favor of a short-term fall to the target level is the quick test of the resistance line on the Stochastic Oscillator indicator. Near the level of $ 145, we should expect the completion of the downward movement and the beginning of the upward movement as part of the start of the development of the bullish “Wolfe Wave” model. The purpose of this movement is the level of $ 270. The removal of the positive scenario is a breakdown of the level of $ 120. In this case, the target will be the area of ​​$ 100.

Cryptocurrency quotes are adjusted in a downward channel. Moving averages are also directed downward, which suggests the presence of a medium-term bearish impulse. A rebound from the resistance level has taken place, and now we should expect a continuation of the fall to the level of $ 145 as the main option. An additional signal in favor of this movement will be a test of the upper border of the downward channel, as well as another rebound from the resistance line on the Stochastic indicator. Cancellation of the scenario with a decrease will be a strong growth with a breakdown of the upper boundary of the downward channel and fixing ETH/USD above the level of $ 198. In this case, the next target of the rise will be the area of ​​$ 240.

EOS

EOS was able to push off the lower border of the Ichimoku Kinko Hyo Indicator Cloud. This still indicates a downward trend and pressure from sellers. Note, that the bears failed to gain under the lower border of the ascending channel. We should expect a continuation of the fall with a target at $ 2.06 as the main trading idea. A strong additional signal in favor of this option is the test of the resistance line on the RSI indicator. Confirmation will be a breakdown of the lower boundary of the ascending channel with closing below the level of $ 3.06. The cancellation of this option will be a strong growth and a breakdown of the upper boundary of the Indicator Cloud with fixing quotes above the level of $ 5.00. In this case, we should expect continued growth and a bullish trend return to the market.

The EOS is adjusted but remains within the downward channel. We should expect the continued development of the upward correction and test the resistance level at $ 4.45. Then a decline to the first target at $ 3.06. In favor of this movement will be another test of the resistance line on the RSI indicator. A strong signal for the development of a downward impulse will be a breakdown of the support level and consolidation of quotes below the level of $ 3.00. Cancellation of the negative scenario is the asset going beyond the downward channel with consolidation above the level of $ 4.45. In this case, the immediate target of growth will be the area of ​​$ 5.45.

Litecoin

Bulls were able to push Litecoin price off the lower border of the Bollinger Bands indicator, however, the important resistance area, which is located at $ 78.00, remains unbroken. Therefore, it is still premature to talk about the end of the fall and the beginning of growth. Here, the Head and Shoulders reversal pattern remain unworked, which still indicates the potential for an aggressive continuation of the fall in cryptocurrency quotes.

A negative option for Litecoin buyers will be a rebound from the resistance line on the RSI indicator. As you can see, the indicator values ​​closely approached this line, however, a full-fledged test has not yet happened. A confirmation of the movement to the level of $ 40.00 and below will be a breakdown of the support level and consolidation at $ 55.20. Cancellation of this scenario will be a strong growth and a breakdown of the level of $ 78.25, which will indicate the resumption of pressure from the bulls and good potential for moving to the area of ​​$ 107.80, which ultimately will cancel the reversal model and lead to the continued development of the upward impulse.

Bitcoin Cash

Bitcoin Cash cryptocurrency remains under pressure from the bears. As you can see, the potential remains for the fall and the beginning of the development of the head and shoulders reversal model. The immediate goal of this movement is the area of ​​$ 177.35. Moreover: asset quotes are testing the lower border of the Ichimoku Kinko Hyo Cloud indicator, indicating a downward trend. Earlier, a rebound from the lower boundary of the Cloud will take place.

The third signal in favor of a probable downward movement is the resistance line test on the RSI indicator. However, it is worth noting that the sellers failed to gain a foothold under the support level of $ 248.45. Cancellation of the fall option will be a breakdown of the upper border of the Indicator Cloud and consolidation above the level of $ 358.65, which will indicate a potential change in the current trend in favor of the bullish and the beginning of an upward movement.

At smaller time intervals, quotes of a digital asset test the upper boundary of the downward channel, which suggests a rebound and a downward movement. An additional signal here will be a rebound from the trend line on the RSI indicator. A confirmation of the decline will be a breakdown of the support area and closing below $ 248.45. Cancellation of the short-term decline scenario will be a strong growth and a breakdown of the upper boundary of the downward channel with the BCHUSD quotes fixing above 325.00, which will indicate the continuation of the correction with the first target at $ 358.65.

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