Cryptomidee price analysis: the level of resistance in the range, but the sample is questionable



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Dmitry Gurkovsky, lead analyst at RoboForex, talks about other possible scenarios for the price movement of Bitcoin and several popular altcoins.

In the Bitcoin price chart, the intersection of moving averages was completed, indicating a potential change in favor of growth. However, quotes have failed to break the resistance area: as long as the BTC / USD pair remains below $ 6000, there is a chance to see a correction to the $ 4000 level. As we noted earlier, the best option would be to wait for the area of moving average test, then look for ideas for Bitcoin's purchases.

Bitcoin

The technical analysis of the daily Bitcoin chart still indicates the proximity of an important level of resistance – US $ 6,000. At the same time, another pattern of head and shoulder reversal is being formed.

As part of the forecast, growth is expected for the resistance level of $ 5,500 and the subsequent decline. A breakdown of the support and closing area below US $ 4,800 will indicate confirmation of the development of a fall. An additional sign in favor of this option is the breaking of the support line in the RSI indicator. As you can see, at the moment that such a line acts as resistance and indicates a continuation of the decline in crypto rate.

BTC / USD, TradingView data

The asset's technical analysis on the four-hour chart indicates an attempt to form a reversal pattern. Expect an increase and test the resistance level of $ 5,500, followed by a rebound and a shift to decline. An additional signal here will be the resistance line test on the RSI display. The unfolding development of the fall will be the breakdown of the resistance area and the closing above $ 5,700, indicating that the reversal pattern is canceled and the growth continues to $ 6,500.

EOS

EOS cryptocurrency continues to move in the upstream channel. The tool is trading at $ 4.95. As part of the technical analysis of the daily EOS chart, we should expect an attempt to continue to fall with a potential target of $ 3.25. An additional sign in favor of the drop is the resistance line test on the RSI indicator. The closest resistance area to EOS is at $ 6.25, a fall that will signal a resumption of growth. An important support area is located near $ 4.55. Confirmation of the decline will be the lower end of the ascending channel and the closing below $ 4.00.

EOS / USD, TradingView data

The technical analysis of the EOS on the time chart indicates a continuous decline within the downstream channel. In the short term, we should expect an attempt to test the upper channel boundary near the $ 5.05 area. Next – the continuation of the fall to a potential target at $ 4.55. An additional signal in favor of this option is a rebound of the resistance line in the RSI display. The cancellation of the decline will be the dismemberment of the upper limit of the channel model and the closing above US $ 5.25.

Ethereum

Ethereum continues to move within the ascending channel and is currently testing the $ 163.00 level. As part of Ethereum's technical analysis on the daily chart, we should expect an attempt to continue falling to the potential target at the $ 120.00 level. An additional signal in favor of such a movement will be a rebound of the resistance line in the RSI display. The cancellation of the decline may be the growth and closing of prices above R $ 190.00, which will indicate the breakdown of the area of ​​resistance and the continuous development of growth.

ETH / USD Data, TradingView

The technical analysis of the Ethereum on the time chart indicates movement within the descending channel. In the short term, we should expect a rebound of the upper limit of the channel near the area of ​​$ 163.00. Next – the continuation of the fall to a potential target at $ 145.00. An additional signal in favor of such a movement will be the next test of the resistance line in the RSI display. The closest resistance area for the Ethereum is $ 163.00. An important support area is located near $ 145.00. The cancellation of the decline will be a breakdown of the upper end of the downstream channel and closure above the level of $ 175.00, which will indicate continued growth toward the target above the $ 190.00 level.

Litecoin

Cryptomanne Litecoin continues to move as part of the fix. There is currently a Bottom Channel Bottom Test. Quotes are trading at $ 72.14. As part of Litecoin's technical analysis on the daily chart, we should expect an attempt to continue falling with a target below $ 49.00. An additional sign in favor of the drop will be a broken trend line test on the RSI indicator. Litecoin's closest resistance area is $ 75.00, a division that will show continued growth above $ 90.00.

LTC / USD, TradingView data

Litecoin's technical analysis on the time chart indicates the movement of an asset within a downstream channel. In the short term, we can expect an attempt to grow in the upper limit test near the $ 75 area. Next – the continuation of the fall to a potential target of $ 64.00. Further evidence in favor of this option will be a recovery of the downtrend trend line in the RSI indicator. The cancellation of this option will reduce the upper limit of the channel and the closing above US $ 80.00.

Bitcoin Cash

Bitcoin Cash continues to move in the downstream channel. The asset tests the resistance level and is trading at $ 265.36. The technical analysis of the four-hour chart indicates the development of the continuation of the correction with a test of the lower limit of the channel near the area of ​​US $ 225.00. An additional signal in favor of this movement will be a trendline recovery test on the RSI indicator. The cancellation of this scenario will be the breakdown of the resistance area and the closing above $ 295.00, which will indicate a continuous growth of the Bitcoin Cash rate.

BCH / USD, TradingView data

The technical analysis of the asset on the time chart indicates the continuation of the decline. In the short term, we should expect an attempt to test the resistance level of $ 280.00. What's more, the continued decline with the goal of $ 225.00. An additional signal in favor of this option will be a rebound of the resistance line in the RSI display. The cancellation of the quoting option will be the upper limit of the descending channel and the closing above the level of US $ 305.00.

Attention!
The forecasts of the financial markets are the private opinion of their authors. The current analysis is not a guide to trading. RoboForex is not responsible for the work results that may occur when using the negotiation recommendations of the submitted reviews.

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