The past week was marked versatile dynamics of trading for many cryptocurrencies. After rapid growth for several days cryptocurrency corrected, but not dipped below the previous minimum. This suggests that risk appetite is the «bulls» have not dried up, hence the purchase within a week of prospects can still be the center of attention.
From want to mention cryptocurrency bitcoin (+17%) — it is technically not dipped below the important support level, so it still looks attractive for shopping. The next favorite of the stock market last week was stellar (+36%) — this coin went out of the trading range and entrenched in a higher trading frames without a significant correction. It became known that IBM runs stable cryptocurrency (stablecoin) on the blockchain Stellar.
The market capitalization of the cryptocurrency market at the time of publication was $283 billion, which is kept below the psychological level of $300 billion, the News could not have a significant influence on the course of trade, except in the context of a specific cryptocurrency.
Now technical analysis:
BTC/USD H4: a new range
Bitcoin (BTC) showed a consolidation in a higher trading under $7841 – $7150. In addition, visible out of the upper boundary of the ascending channel which indicates the willingness of market participants to continue to buy. Based on the current situation, are open targets as $7841 $8874.
As for support at $7150, this barrier serves as a starting point in the direction of growth of bitcoin. If the «digital gold» to be adjusted a bit, the level can restrain the bitcoin from the sales.
The wave count supports the new upward trend of bitcoin. It is seen that formed wave 1 and wave 2, the center of attention show the development of wave 3. If schedule prices will approach the $7841, then they will reverse signals or conditioning pauses against the grain.
ETH/USD H4: in the uplink
The ether (ETH) after an unsuccessful attempt to consolidate above $490 still turned up to support at $450. However, the price chart is within the rising channel, so technically it still gives a signal for further growth. Inhibits the price chart support at $450. It is likely that the ether can be repelled from this level in favor of growth. If such a scenario happens, then opens the target up to resistance at $490 and $540.
Elliott waves still support the growth of the ether as formed the basis of a pulse in the form of subwave 1 and subwave 2.
In the case of reduction and finding of air under the influence of bad news, one can expect to achieve support in the neighborhood of $400.
LTC/USD H4: near resistance
Litecoin (LTC) was not able to reach the support level of $70-$71, however the price chart is within a rising trend. From the point of view of technical analysis, this is a positive signal, as traders still interest to continue to buy. Thus, in the case of a new wave of growth opens the prospect of achieving resistance near $88. After the breakdown of the first level ($88) in the center of attention is the move «digital silver» to the next level at around $102.
As for the Elliott wave theory, the last low is higher than the previous, indicating that the development of the next wave. In addition, the basis of the trend in the form of impulse wave 1 and corrective wave 2 is formed, and technically this is an additional signal for growth. Therefore, a break of the key resistance near $88 and the break of the high of last week will give a signal to the further development of the growth momentum.
XRP/USD H4: sideways
Ripple (XRP) is technically turned out to be worse than litecoin, but the good news is that the schedule of prices have not slipped below the important support level at $0.4245. In addition, seen a slight rebound in the framework of speculative trading, and technically it hints at the growth to the nearest resistance near $0.5045. On the other hand, it is clear that ripple is still within a trading range of $0.4239 – $0.5045. While this situation does not inspire confidence for the bulls. As soon as the limit value in the neighborhood of $0.5045, then we can talk about a new phase of growth, including from the point of view of the Elliott wave theory.
The negative scenario for ripple’s, in case of bad news background is a breakout of the support around $0.4239. Then we can talk about further movement in the direction of the downward trend.
XMR/USD H4: strong trend support
Monero (XMR) looks more interesting from the point of view of technical analysis. Price chart is forming an ascending channel, thus offer a confident purpose, where monero can get is a resistance in the neighborhood of $147. In case of breaking this level will consolidate in a higher trading under $178 — $147.
In addition, support the growth of the pulse wave 1 and wave 2 correctiona. From the point of view of wave analysis, in the long term development of impulse wave 3. Also pay attention to Stretching the Fibonacci levels coincide with important values for monero as $147 and $178.