Financial market forecasts are the private opinions of their authors. The current analysis is not intended to be a guide to trading. ForkLog is not responsible for the results of work that may arise when using trading recommendations fromsubmitted reviews. Dmitry Gurkovsky, Lead Analyst at RoboForex, tells about further possible scenarios for the price movement of Bitcoin and several popular altcoins.
Buyers of bitcoin managed to "push" the price out of the side channel, and now there is every chance for continued growth. The next target will be the level of $ 12 495, fixing the price above which will indicate a confident rise in the asset to new highs. Its breakout is very important for bulls, as there are risks of a reversal pattern formation - if a failure ensues, bears can easily bring down the price. Similar patterns are observed on the Litecoin and Bitcoin Cash charts, so it is very important for the bulls to update the nearest local highs so that there is a reason to talk about the full growth of the entire market.
Bitcoin
On the daily chart, the quotes broke through the upper border of the corridor, in which the asset was "squeezed" for a long time, and consolidated above the level of $ 11,200. Here, the upper border of the descending channel was crossed, which indicates the market's desire to move upward, to the level of $ 12,495. a signal in favor of price growth is the fact that the values of the RSI indicator are also repelled by the rising trend line. However, it is important for buyers to gain a foothold above the level of $ 12,495, otherwise, with a breakdown of $ 10,105, the “Head and Shoulders” reversal pattern may completely complete, where the ultimate target of the pattern will be the level of $ 7000. On the 4-hour chart, the quotes were able to leave the Triangle model. There is every chance to see the continuation of the price growth as part of its development. An additional signal in favor of this option will be rebounds from the lower border of the ascending channel and support on the RSI indicator. As you can see, the previous test of the trend line on the indicator chart provoked a qualitative upward price rebound. Cancellation of this option may be a breakdown of the lower border of the ascending channel with the price fixing below $ 10,960, which will indicate its further decline to the $ 10,350 level. Ethereum
ETH / USD quotes on the daily chart were able to push off the support level. With the breakdown of the upper border of the descending channel and the price fixing above the level of $ 397, we can expect the development of the upward movement and the continuation of the “5-0” pattern. A strong signal in favor of the growth of quotations is the breakdown of the downward trend line on the RSI indicator. The indicator values have already begun to return to the broken line, after which we can consider the subsequent rise in the asset price. Cancellation of the option with growth will be a breakdown of the lower border of the ascending channel with the price fixing below the $ 306 level, which will indicate a continuation of its fall to $ 208. At shorter intervals the quotes have broken through the upper border of the "Triangle" model, which gives reason to consider their further growth to the level of $ 450 as part of the pattern development. However, one should not exclude a correction with a test of the upper boundary of the model and continued growth. The described option will also be supported by a rebound from the support line on the RSI indicator, where the previous test provoked a breakdown of the upper border of the "Triangle" model. Cancellation of the positive scenario for buyers will be a breakdown of the support area with the price fixing below $ 330, in which case it is worth considering the strengthening of the downward impulse. Litecoin
On the daily chart, the Litecoin cryptocurrency continues to move within the framework of its growth, and the “Head and Shoulders” reversal pattern is also forming here. To cancel it, it is important for buyers to “push” the price beyond the $ 70 level, and such a movement will indicate continued growth to the $ 84 level. Confirmation will be a breakdown of the upper border of the descending channel with quotes fixing above the $ 57 level. If sellers manage to break through the support area and gain a foothold below the $ 38 level, it is worth considering the development of the decline to $ 25. It can happen due to the formation of a reversal pattern. On the 4-hour chart, the quotes also left the Triangle model. After a slight correction, we can consider the continuation of growth in the framework of the model. The growth target is the level of $ 56. An additional signal in favor of this scenario will be a rebound from the support line on the RSI indicator. In the event of a fall with a breakdown of the level of $ 41, one can consider the option of reducing the value of the asset to $ 35. XRP
XRP quotes are persistently testing the upper border of the Bollinger Bands indicator, but a full breakout has not yet taken place. A large “Head and Shoulders” reversal pattern is also forming here, for the completion of which the price must test the $ 0.1675 level. This is where the completion of the right "Shoulder" of the pattern should be expected. A rebound from the support line on the RSI indicator will be in favor of the potential growth of quotes. At shorter time intervals, quotes are traded within the "Triangle" model. It is also worth noting here the importance of the $ 0.2590 level, which buyers have not yet been able to break upwards. Therefore, we can consider a test of the lower boundary of the model with a subsequent breakdown of the model upward and continued growth to the level of $ 0.3050. An additional signal in favor of further growth will be a rebound from the support line on the RSI indicator. The cancellation of the positive variant may be the breakdown of the lower border of the "Triangle" model with the price fixing below the level of $ 0.2400, in which case it is worth considering a fall to $ 0.2185. Bitcoin Cash
On the daily chart, Bitcoin Cash quotes were able to bounce off the support area. The next target is the level of $ 279, a breakdown of which will indicate continued price growth to the level of $ 338. Here is the upper border of the descending channel, and its breaking will be a strong signal for the development of an upward movement. If sellers succeed in bouncing off the downtrend and fixing the price below the $ 199 level, it would be worth considering a price drop to $ 140. On the 4-hour chart, the quotes left the Triangle model. The breakout took place upwards and within the framework of the pattern development there is a potential for continued growth. The target is the $ 299 level. Confirmation will be the breakdown of the resistance area with the price fixing above the $ 258 level. An additional signal in favor of a positive scenario for buyers will be a rebound from the support line on the RSI indicator. Cancellation of this option will be the breakdown of the support area with the consolidation of quotations below the $ 199 level, when we can expect a resumption of the downward impulse.