Technical analysis of the cryptocurrency: «the Renaissance» on the news about Libra, Ethereum 2.0 and BTCB


The cryptocurrency market since the beginning of the year is experiencing a «Renaissance» thanks to the recovery of confidence, not only ordinary investors, but the major capital. There are increasing reports about the acquisition of whale, a large number of coins, or the entrance of institutional investors in the creation of the coins or already have long existing projects. Newsmaker of the last weeks was the Corporation Facebook reported ready to start trading c 2020 own cryptocurrency Libra, with the beginning of next year will be presented the version 2.0 of the Ethereum cryptocurrency and Binance has already started trading with bitcoins a token BTCB, and not far off the global update of the platform.


Quotes bitcoin continues rise, as if sensing «the opening of the second breath.» They confidently implement previously received confirmation of a very strong bullish price pattern of «Triple base». And after the recent release of value beyond the «Horizontal channel» with faces $8200−$8800 (this area is the 38.2% correctional level of Fibonacci retracement) has been made the district one of the key goals of $9000, and dynamics, as for «magic wand of the magician», though stalled without certain ideas. Really know the technical analysis traders immediately noted the formation of a new figure «Vympel», a breakthrough which will open up the path to the tested point, the level of local extrema of $9500 and as discussed in the financial press, and more important from the point of view of psychology of trading level of $10,000.

Chart BTC/USD four-hour timeframe. Source.

For assessment of global perspectives and changes for the week will move on to senior day timeframe. On this note the current price reaches the upper face of the indicator «Bollinger Bands», that allows to assume the formation of a near-term correction from the first major purpose of the upcoming weeks in the form of cluster levels $9580 (61.8% retracement level on Fibonacci) — $10,000. But after the restoration of consumer activity is expected to break the last with the achievement of $10,553 and the area of resistance $11,100−$11,300. Also in the coming months take profit can be put in the position to buy in around $11,800−$12,000.

Chart BTC/USDT, day timeframe. Source.

Bitcoin Cash

Fork Cash until repeats the success of its «parent cryptocurrency», although on the chart we can note a number of interesting signals. First, forming a second consolidation model «pennant» with faces $380 and $450 (38.2% extension Fibonacci retracement levels) with the potential to move to the middle of July to target recently reached the level of $483 and the $500−$516 (61.8% extension of Fibonacci). Second, confirmation of the idea of development is bullish divergence between the price chart and the RSI, getting a kind of divergence (it is marked on the RSI purple line).

Graph of VSS/USDT, day timeframe. Source.


Litecoin, though steadily growing, but the overcoming of cluster levels of $115−$121, while can boast a tremendous success. Was implemented the expected correction, which led to a reduction in the area of $125. But gradually there was a restoration, and the current resistance is $139. A necessary condition remains to breakthrough the upper faces of the model technical analysis a «Rising channel» (the faces marked on the graph by green color). The first targets in case of growth of the stock market will perform local extrema of $148 and $160. Further bullishness is likely in July will meet resistance at $174 (38.2% retracement on the Fibonacci lines).

Chart LTC/USD daily timeframe. Source.


The air continues to move in the framework of the model of technical analysis «Flag» in the range from $240 to $280. But do not be deceived by this lull, after all, likely to follow a confident continued growth. The approaching scheduled for January global update of cryptocurrency sends its value to gradually conquer such levels as $300, $320 and $340 (23.6% correctional level of Fibonacci). This is supported by the signal from a bullish divergence, and RSI graph. The brainchild of Vitaly Buterin can continue to conquer the highs of this year, and in July−August, potentially the market value will rise to $364 and $400.

Schedule ETH/USDT, day timeframe. Source.


Here, again declares that it is able to compete with other Althingi for the right to lead the race increasing the cost. So, the third time was reached, the top face of horizontal consolidation $0.3630−$0.4700. And it signals the presence of buyers forces for further growth from technical point of view and the beginning of the implementation of the model of technical analysis «Flag». Closing daily candle above $0.4500 and $0.4700 will allow quotes in the upcoming weeks to grow up towards resistance of $0.5000, $0.5200, $0.5681 and $0.6000. Almost traditional getting signal in favor of this coming from the existing divergences between the chart and the RSI.

Chart XRP/USD daily timeframe. Source.

Binance Coin

And at the end of the review it is worth noting one of the leaders of increase week ending — cryptocurrency from Carpena Zhao. After the start of implementation of the model of technical analysis «Flag» Binance Coin reaches the first target at $35.50, which also is the top face of the «Bollinger Bands». Its breakout will open the way for growth by mid-summer to levels of $38.80, $40 and $43.

Schedule BNB/USDT, day timeframe. Source.

The stock market is growing steadily, what can be noted in most assets, and increasingly in the media there are interesting news on the subject of cryptocurrencies, which ceases to be taboo. In the end, the steps for the community from regulators positively affect the cost of crypto-assets. And in the near future you can expect to achieve the much-desired bitcoin at $10,000, demolition of which will put an end in dispute of bulls and bears regarding the future price movements and altonah.


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