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Cryptocurrency price analysis: Bitcoin maintains an important level of support, pressure on altcoins continues

Leading RoboForex analyst Dmitry Gurkovsky talks about further possible scenarios of bitcoin price movement and several popular altcoins.

The first cryptocurrency remains above an important level of support – $9100. The potential for serious growth and updating of the local maximum remains. Moreover, we are seeing several rebounds from the lower boundary of the Triangle model, and each new test is higher than the previous one, which may also indicate the presence of bulls in the market and the importance of the lower boundary of the model. To confirm the movement upwards, a good signal will be a breakdown of the level of $11000. A very negative scenario for BTC/USD will be a breakdown of the lower boundary of the model, which will indicate a strong correction to the level of $7200.

Unfortunately, other coins remain under pressure, and so far there are no qualitative signals to turn and start the upward movement. Litecoin and Bitcoin Cash are moving within the reversal models, which at any time can “fail” significantly below current levels. Technical analysis of the small-time intervals of EOS and Ethereum also indicates a high probability of falling to new lows.

Bitcoin
BTC/USD quotes cannot leave the limits of the Triangle model in any way. In the technical analysis, the movement under such a model indicates uncertainty and reduced volatility but is subsequently accompanied by a strong movement towards the breakdown. In most cases, the “Equal Triangle” model makes its way towards the trend, but it is not necessary to exclude the breakdown of the lower boundary. Here, on the daily chart, Bitcoin is pushed back from the area of the Sliding averages, which still indicates the presence of an uptrend. An important area of support is at $9115 and the breakdown of this area will find the leading figure of the asset in a strong correction to the levels of $7200 and $5825. As the main trading idea, we should expect a rebound from the lower boundary of the upward channel and an attempt to move up with the first goal of $11005, the breakdown of which will indicate a high probability of reaching the area of $12385.

On the 4-hour chart, the quotes are also sandwiched as part of the Smaller Triangle model. As a short-term trading idea, expect a test of the lower boundary of the model and the beginning of growth to the level of $11005. Confirmation of the rise will be a breakdown of the upper boundary of the Triangle model. An additional signal in favor of such a move will be a rebound from the support line on the RSI indicator. Expect the same active upward movement is worth with the breakdown of the upper boundary of the downstream channel and the closing of quotations above the level of $12,000. A negative scenario for BTC/USD could be a breakdown of the bottom boundary of the Triangle model and a $9115 pinning. In this case, the target of the fall will be the lower boundary of the bear channel at the level of $7200.

Ethereum
The second most capitalization cryptocurrency is still moving within the framework of the formation of the ascending model “Wolf Wave.” To complete the molding pattern is not enough another reduction to the target of $146.00, from where you can expect the start of the upward movement. Sliding averages also intersect, which further indicates pressure from sellers. In favor of a potential rebound and upward movement will be the test of the support line on the RSI indicator. A kind of confirmation of the idea will be a breakdown of the downward trend line on the indicator. The potential goal of growth and development of the upward model in the area of $275.00. The cancellation of such a scenario will be a strong drop and a breakdown of the $120.00 area, which will indicate the cancellation of the model and the continuation of the downward movement.

The four-hour chart of the asset was once again squeezed within the Triangle model. Moreover, there is a similar structure on the RSI indicator, where the resistance line test will provoke a drop in the cryptocurrency rate. As a short-term trading idea, we should expect a rebound from the upper boundary of the Triangle model and a move to the level of $146.00. Confirmation of the decline will be the breakdown of the support level and consolidation at $174.95. The cancellation of the negative option will be a strong growth and a breakdown of the resistance level with a consolidation of over $200.00. The immediate goal of the rise, in this case, will be the area of $236.00.

Eos
On the daily chart, the cryptocurrency continues to trade under the Ichimoku Kinko Hyo Cloud, which indicates a continuing downward trend. Here we can observe constant rebounds from the signal lines of the indicator, which demonstrates the strength of the bears at the moment. A return to the upward trend should be expected only with the breakout of the upper boundary of the Indicator Cloud and consolidation above the level of $5.00. As part of the main trading idea, it is expected to continue the decline with a goal of $2.15. Confirmation will be the breakdown of the lower boundary of the upward channel and a fall below the level of $3.20.

On the 4-hour chart, EOS continues to move within the bear channel. Based on the symmetrical structure of the movement, we can also assume that the target of the fall is the area at $2.15. Therefore, as a short-term trading idea, it is expected to test the upper boundary of the downstream channel and continue to decline. The cancellation of the version with the development of the bearish trend will be a strong growth and the breakdown of the upper boundary of the Indicator Cloud with the consolidation of EOS/USD quotes above the level of $4.00, which will indicate continued growth to the target of $4.85.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.