Cryptocurrency Rate Analysis

Kataryna Kovtun May 28, 2020

BitXmi.Com

In this article, you will learn about further possible scenarios of the price movement of bitcoin and several popular altcoins. Stay tuned for the latest cryptocurrency rate movements with the BitXmi analytics team.

Cryptocurrencies continue to be adjusted; serious movements have not yet occurred. The key event for Bitcoin will be a breakdown of the level of $ 9450, which may indicate a continuation of the rise to a local maximum. However, until resistance is broken at $ 10,500, it is too early to talk about the continuation of the rise. Quotes of the leading asset for the first time crossed the uptrend line down, after which the test of this line usually passes, and then the decline continues. Therefore, one should not exclude another strong market decline before resuming a steady bull trend.

Bitcoin

Bitcoin quotes continue to remain at an important level of resistance. For the first time in this entire rise, the price has broken down an upward trend line, which has long been key support. Most likely, the pressure from the bears begins to grow, and there is every chance of seeing a fall to the level of $ 6400, where the formation of the inverted Head and Shoulders model is expected to complete. The breakdown of the support line on the RSI indicator, which may indicate the possibility of fixing the closing price below the level of $ 8015, also favors the option with falling quotes. To cancel the negative option and continue the steady growth of the asset value, the bulls need to gain a foothold above the level of $ 10,565. In this case, the price easily reaches the level of $ 13862, and higher marks.

On the 4-hour chart, bitcoin quotes continue to move within the framework of the Triangle model. Soon, the values ​​of the RSI indicator will once again test a downward trend line, which may provoke a price rebound downward and continued to decline. This idea will be confirmed by overcoming the support level and fixing the price below the level of $ 8450, which will lead to a breakdown of the lower boundary of the Triangle model. The cancellation of the negative scenario for buyers will be a breakdown of the upper boundary of the model and price-fixing above the level of $ 9950, in which case we should expect a continuation of the rise for further development of the pattern.

Ethereum

On the daily chart, Ethereum continues to test the middle line of the Bollinger Bands indicator. There is potential for the formation of the “Double Peak” reversal model, however, to confirm the model, it is important to see a breakdown of the support level and price-fixing below $ 173. Only in this case, we can expect a drop in asset quotes and the beginning of the development of a reversal pattern. A good signal will also be a breakdown of the ascending trend line, but so far, buyers can confidently push off from it. At the same time, one should not exclude another resistance test at the level of $ 220, and already expect a rebound from it and lower prices. The cancellation of this option will be a breakdown of the level of $ 250, which will indicate a halt in the development of the reversal model and the continued rise in quotations to the level of $ 287 and above.

At smaller time intervals, asset quotes are “clamped” within the “Triangle” model, which indicates the presence of uncertainty. Do not exclude the test of the upper bound of the model at the level of $ 215, and only after that — reduction of quotes. A strong signal in favor of falling will be another bounce from the resistance line on the RSI indicator. A confirmation of the idea of a further reduction will be the breakdown of the support area with the price-fixing at the level of $ 190, at which we can talk about the beginning of the development of the Triangle model with a target at the level of $ 143. Cancellation of the negative option will be a breakdown of the upper boundary of the model with fixing quotes above the level of $ 220, which can trigger a continuation of their rise.

Litecoin

Litecoin quotes continue to be adjusted as part of the formation of the head and shoulders reversal pattern. To confirm the decline and start working out the pattern, it is important to see a breakdown of the level of $ 38, which will indicate that the price is fixing under the Neckline. Perhaps the values ​​of the RSI indicator will break through the current support line much faster, becoming a leading signal in favor of a further fall in the value of the asset. The cancellation of this option may be a breakdown of a local maximum with price-fixing above the level of $ 50. In this case, the target of the rise will be the level of $ 65.

The 4-hour LTC / USD chart also shows the potential for completing the formation of a reversal model. Do not exclude the resistance test at the level of $ 46, and from here expect the start of a downward movement. A strong signal in favor of this option will be a test of the resistance line on the RSI indicator. The cancellation of such a scenario will be a breakdown of the level of $ 51, in which case we should expect the development of the growth target on the daily chart of the asset.

Bitcoin Cash

On the daily chart of Bitcoin Cash, the bears manage to restrain the pressure from buyers, not allowing quotes to leave the Triangle model. The asset is being traded inside the Ichimoku Kinko Hyo Indicator Cloud, indicating a sideways movement. To resume the downward impulse, you need to see a breakdown of the lower boundary of the Indicator Cloud and price-fixing below $ 207. Overcoming the specified border will confirm the beginning of the development of the Triangle model with a target of $ 136. Cancellation of the option with a decrease will be a breakdown of an important resistance level and fixing quotes above the level of $ 280, in which case you can come to a scenario with the continuation of the price increase to the level of $ 355 and above.

A small “Triangle” is also formed on the 4-hour chart, a breakdown of which will cause a strong drop in the value of the asset. The next rebound from the resistance line on the RSI indicator will be in favor of the option with a decrease. A confirmation of this idea will be a breakdown of the support level and fixing the price under the level of $ 215. In this case, the immediate goal of the fall will be the level of $ 178. Cancellation of the negative option will be a breakdown of the level of $ 255, indicating the exit of quotations beyond the upper boundary of the model and the beginning of their growth to the level of $ 280.

TRON

On the daily chart, TRON quotes are “clamped” within the “Triangle” model. In general, the asset is adjusted within the downward channel. There is potential for a breakdown of the lower boundary of the model with price-fixing below the level of $ .01185, at which we should expect a continued decline. The target area for this is the level of $ 0.0065. The cancellation of the described scenario will be a breakdown of the upper boundary of the model with fixing quotes above the level of $ 0.0180, in which case a breakdown of the upper boundary of the downward channel and continued growth is possible.

At smaller time intervals, a “Triangle” is also formed. The values of the RSI indicator almost reached the trend line, which indicates a potential bounce down and a fall in asset quotes. The immediate goal to reduce is the level of $ 0.1045. Cancellation of the negative option will be a breakdown of the upper boundary of the model and consolidation above the level of $ 0.1605.

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