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Cryptocurrency Market Analisys: The Upward Momentum Is Possible

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This week, Bitcoin was able to continue to grow and update the local maximum. Such a scenario indicates a potential continuation of the upward momentum. Many traders are discussing an important growth signals of the first cryptocurrency due to the intersection of two moving averages with periods of 50 and 200, as an important signal to the beginning of a bullish trend. However, we are still below the $ 6000 resistance level. It is much more effective to wait for the moving average test area and only from there expect a rebound and continued growth.

Bitcoin

On the hourly chart BTC/USD we can see a movement within the upward channel. We should expect an attempt to reduce and test the lower boundary of the channel near the $ 5,395, followed by a rebound and upward movement. An additional signal here is a test of the RSI trend line. The cancellation of the growth development will be the breakdown of the lower boundary of the channel and the closure below the level of $ 5270, which will indicate that the quotes are out of the channel and decrease to $ 4,900.

EOS

EOS continues to trade in the ascending channel near the $ 5.40. As part of the technical analysis of the daily EOS chart, you should expect an attempt to continue falling with a potential target of $ 3.99. An additional signal in favor of such a movement will be a test of a broken trend line on the RSI. The closest resistance area for EOS is at $ 6.35, a breakdown of which will indicate a resumption of growth. An important support area is located near $ 4.70.

Technical analysis of EOS on the hourly chart indicates that quotes are out of the “Triangle” model. In the short-term version, we can expect an attempt to test the lower limit of the model near the $ 5.45 area. Next - the continuation of the fall to a potential target at $ 4.00. An additional signal in favor of this option is a rebound from the resistance line on the relative strength indicator (RSI). The closest area of ​​resistance for EOS is at $ 5.65. The cancellation of the decline will be the breakdown of the upper boundary of the Triangle model and the closure above $ 5.65.

Ethereum

Ethereum continues to move within the framework of the correction and is currently testing the level of $ 168.00. We should expect an attempt at correction and a test of the lower boundary of the rising channel near the $ 155.00. Next is the continuation of growth to a potential target at $ 200.00, where the upper limit of the channel is located. An additional signal in favor of this movement will be another test of the rising trend line on the relative strength indicator (RSI). Growth is able to cancel with falling and closing of quotes under the level of $ 140.00, which would indicate going beyond the limits of the ascending channel and the continuation of the development of the correction.

On the four-hour chart ETH/USD indicates the formation of the Triangle model. In the short term, we should expect a rebound from the lower limit of the model near the $ 160.00. Next is the continuation of growth to a potential goal of $ 200.00. An additional signal in favor of such growth is the test of the support line on the relative strength indicator (RSI). The closest area of ​​resistance for Ethereum is at $ 190.00, a breakdown of which will confirm the output of ETH beyond the upper limit of the Triangle model. This is a strong signal in favor of purchases of this digital asset. An important support area is near $ 150.00. The upward trend development is able to cancel with the breakdown of the support area and the close below $ 145.00, which will indicate a continuation of the fall to the target located below the $ 125.00.

Litecoin

Litecoin continues to correct its positions. The lower boundary of the rising channel is almost broken. LTC/USD traded at $ 73.12. As part of the Litecoin technical analysis on the daily chart, we should expect an attempt to continue the correction and a test of the support level near $ 55.90. An additional signal in favor of falling will be a test of a broken trend line on the RSI. The closest resistance area for Litecoin is at $ 85.00 a breakdown of which will confirm the resumption of growth in quotes.

Technical analysis of Litecoin on the hourly chart indicates the movement of an asset within a downward channel. In the short term, we can expect an attempt to grow at the test of the upper limit near the area of ​​$ 80.00. Next - the continuation of the fall to a potential target at $ 62.60. An additional confirmation in favor of this option will be a rebound from the downward trend line on the relative strength indicator (RSI). Cancellation of this option will be the breakdown of the upper boundary of the channel and the closure above $ 85.00.

Bitcoin Cash

Bitcoin Cash continues to move in the ascending channel. The asset pushed off the resistance level and is trading at $ 282.50. Technical analysis of the daily chart indicates the development of the correction with the test of the lower boundary of the channel near $ 200.00. An additional signal in favor of such a movement is a test of a broken trend line on the RSI. As you can see, the indicator values ​​could fall below the line, which indicates the end of the upward impulse. The cancellation of this trend is the breakdown of the resistance area and the closure above $ 355.00, which will indicate continued growth in the Bitcoin Cash rate.

Technical analysis of the asset on the 4-hour chart indicates the potential for a decline from current levels and a breakdown of the lower boundary of the Triangle model. In the short term, we should expect an attempt to drop for the test the support level near $ 173.5. An additional signal in favor of this option will be a rebound from the resistance line on the relative strength indicator (RSI). A strong signal for the continuation of the fall will be the breakdown of the lower boundary of the “Triangle” model and the close below $ 250.00. Cancellation of the option of falling quotes will be the breakdown of the upper boundary of the model and the closure above $ 337.00.

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