The past week in the cryptocurrency market have noted an increased interest from the bulls. Almost all the major cryptocurrencies showed an increase from 10% to 20%. In this speculative interest of buyers, we can conclude that the «bottom correction» in the medium term, formed, and began a new phase of growth. Technically all coins are good growth potentials to the next price level, therefore, the continuation of purchases by market participants next week seen as quite appropriate.
Capitalization of the cryptocurrency market hasn’t reached $400 billion, but at the time of publication is at an impressive $394 billion it is likely that capitalization will continue to grow based on the messages that the market interested institutional investors.
Now technical analysis:
BTC/USD: a new trend
Bitcoin (BTC) in the four-hour period formed a steady upward movement. Also the bidding is affected by the relative cheapness (in comparison with December highs) is the first cryptocurrency, but bitcoin holds back the strong resistance in the neighborhood of $9153. A break of that level will allow bitcoin to gain a foothold in higher trade limits, where you will enjoy the prospect of growth to a level of resistance as $9905.
It is important to note that bitcoin is finally released from the constraints of a downtrend, and technically it gives a signal to growth. Inhibits the price chart from lower support at $8355, based on the fact that this level is tested, see below sale is unlikely.
As for the Elliott wave theory, a new impetus in the framework of ativandosage movement. The focus now is the development of the third impulse wave, and in case of breaking the important resistance level of the top of the wave can be seen at a level of $9905.
In case of realization of a negative scenario possible reversal to support around $8355.
ETH/USD H4: a new wave of growth
The ether (ETH) has reached important resistance at $524, and is currently seen consolidating in a higher trading limits. However, the prospect of growth to the next resistance level at around $780 and the reserve to this level is. We also see a steady output beyond the downtrend, technically it provokes market participants to continue to buy long-term cryptocurrency.
If you look at the situation from the point of view of Elliott wave is formed by the pulse movement in the framework of the five waves. At the moment you can see the development of impulse wave 3, and it is likely that its vertex is in the neighborhood of $622, in the best case, $780.
In case of realization of a negative scenario it is possible to return to the support level of $524, and in case of break down can be restated in a more low trading under $525 — $455.
LTC/USD H4: still in range
Litecoin (LTC) has confidently overcome a significant resistance level at $136, thereby a foothold in higher trading limits. Before the «digital silver» open goal at $173, it is clear that market participants are willing to continue to buy. Like other cryptocurrencies, this asset out of the framework of the downward trend, which technically symbolizes a new phase of growth.
In addition, according to the basis of the trend, forming a new uptrend, and it serves as an additional signal to buy. If you look at the situation from the point of view of the Fibonacci levels, the price chart tends to the level of 1.618, which is quite natural situation. Also, the specified level of correction coincides with the goal, which the price chart can confidently walk.
According to the Elliott wave during the week formed the third impulse wave. A second correction has not gone below the base of the first wave that already serves as an additional signal in favour of growth.
Also, do not exclude the negative scenario. In this case the first target is from the point of view of technical analysis is at the level of $136.
XRP/USD H4: goal of $1.085
RIPL (XRP) this week was the growth leader and is currently testing support level at the beginning of March. Now this is a strong resistance level. In addition, last week the price chart has crossed an important resistance level around $0.711 that technically pushed traders to continue to buy.
In case of breaking the level of $0.877 opens the prospect of achieving the next level of around $1.08. In addition, if there are further purchases,then there will be development in the framework of wave 5. Terms of Elliott waves, a new phase of the upward movement, therefore the purchase in the medium-term prospects will still be the center of attention.
Also do not forget about the risks – RIPL overbought and speculative sales are not excluded. It is likely that at the end of the week can be the closure of long positions.
DSH/USD H4: goal $544
Dash (DSH), as a cryptocurrency, has shown steady weekly growth. At the moment we can see the breakout of resistance at $463, also, this level coincides with a Fibonacci level, which means high probability of it testing. However, passed resistance at $395, which gave a strong signal on the formation of a new phase of the upward movement.
In terms of Elliott waves, dash shaped a phase of growth with an explicit basis of the trend (wave 1 and wave 2). This means further growth in the medium-term perspective, where not excluded the achievement of such goals as a $544 and $636.
The negative scenario is a pullback to support at around $395 – this level has a greater degree of importance, because not once been tested.