On future possible scenarios of the price movement of bitcoin and altcoins multiple popular says a leading analyst RoboForex Dmitry Gurkovskiy.
During the Christmas and new year holidays for the cryptocurrency market has become a time of «stagnation», any special movements in the market were observed. But, first and foremost, it should be noted that the market after the first waves of correctional growth has not rewritten the lows. This means that it continues to develop a medium-term correction phase.
Some tools cryptocurrency market have already upgraded the short-term highs, and others may just fall behind, «prolonging the pleasure» and «tickling nerves» traders. In the short term the market of digital assets will continue development of the upward correction.
On 4-hour chart bitcoin can observe the slow upward movement, after rigorous testing the support line of the correction corridor. It is also worth noting that the prices of bitcoin emerged from a short-term consolidation of the «Triangle» up, which may serve as a confirmation of the hypothesis on future growth.
The main support of the current dynamics is $3930. The MACD line moving in the positive region, which may also act as an additional confirmation of the growth. If we consider for further growth, they are still around 38,2% ($4428), 50% ($4832) and 61.8% ($5236,50)..
On the 1 hour timeframe Bitcoin see that after a rapid exit from the «Triangle» the market has slowed momentum for the retracement. At the moment the correction takes place more along the timeline, rather than on price. As confirmation of the fact of development of the correction can be noted divergence on the Stochastic indicator and exit from the overbought zone. Signal completion of the rollback will be the formation of «Golden cross» and rebound from short-term support line. Short-term goal of the next momentum will be around $4200,00.
EOS from the point of view of technical analysis on 4 hour timeframe continues to test the support line of the correction channel, thereby stabilizing the current dynamics. Seeing the movement of the MACD lines in the positive region and the strengthening of the dynamics of a rising medium-term trend, we can assume that the growth target will be 50% on Fibonacci scale (3,69) with a resistance line current feed. In addition, you should pay attention to the current support level of $2,76. Its breakthrough will open the quotations of the path of the support projection the bottom of the channel to the level of $1.99.
On the 1 hour timeframe EOS current short-term dynamics can be characterized as «sideways». Taking into account the basic upward trend, expect a break of the upper boundary at $3,01. A break of that level will allow the pair to rise to $3,36. Local support is at $2,76.
Considering the dynamics Ethereum on 4-hour chart, we note that quotes cryptocurrency rewrote the previous highs, allowing the formed divergence on the indicator MACD. But judging from the price dynamics, divergence was the signal for a short-term pullback, the purpose of which is to support line at $143,87. The main support trend is the level 135,29. After Bouncing off of support one can expect the formation of another pulse of growth, which can be at the levels of 61.8% ($168,73) and 76 ($188,85)..
1-hour timeframe Ethereum demonstrates the development of correctional corridor in the form of a «Flag». On this site it is worth noting the formation of a Golden cross in the Stochastic indicator and the output from the oversold zone. All these circumstances may indicate the onset of wave growth, the primary purpose of which is the resistance line of the current «Flag» — a mark of $158. Its breakdown will allow the pair to rise to the medium-term target of $168,73.
Considering the technical picture of Litecoin on 4-hour chart, immediately it is worth noting that the correctional growth has exceeded the last significant high and reached 50% on Fibonacci scale. While in the MACD there is forming a divergence, which could mean the end of the uptrend. While it is not necessary to exclude the possibility of another price rise to the level of Fibonacci at 61.8% ($Studio 43.30). After this increase, we can expect decrease to the support line at $35,27 and when the break opens prospects to reduce to $of 26.65. At the moment the support located at the level of $33,30.
The 1 hour chart Litecoin are seeing the beginning of a correction period after the divergence of the «Black cross» on the Stochastic. The price has broken through the support line of the previous channel of growth. The purpose of corrective decline will be $36,80.
The 4-hour chart shows a classic XRP prolonged consolidation in the form of a «Triangle,» which went below the support line of the channel growth. The MACD indicator is observed the formation of «Golden cross», which can be a harbinger of the exit from consolidation of up and quotes back into frame channel. The goals of continuation of correctional growth can be levels of 38.2% ($0,4710) and 50% ($0,5310) on a scale Fibonacci.
Considering the 1-hour chart of XRP, we can take a deeper consider the «Triangle». Current technical picture allows to make a prediction that a breakout of the upper boundary of the quotations will give the chance to rise to the level of $0,4071, and a breakdown lower will open the way to support at $0,3174. There are preconditions to the formation of «Golden cross» on the Stochastic.
Forecasts financial markets are private opinion of their authors. The current analysis is not a guide to trade. RoboForex is not responsible for the results that can occur when using trade recommendations submitted reviews.