In the first half of the last week of bitcoin has continued correctional movement, but the closer to Friday the situation has changed in favour of the bulls. Almost all cryptocurrencies have demonstrated a willingness to turn around and technically not dropped below important support levels.
However, wary of the fact that most coins are capitalized within descending channels, despite the attempt to turn. Thus, pause against the decline may carry more of a tactical nature than a serious signal for confident purchases. We recommend you to be careful and to buy only after a technically confirmed reversal cryptocurrency.
Capitalization of the stock market holds below $400 and MLD at the time of publication kept optimistic in the region of $388 billion, however, above the market swept another wave of positive news. It became known that the financial giant JP Morgan Chase intends to develop its cryptocurrency strategy. And the Chicago stock exchange CME Group and British service Crypto Facilities has launched a public indexes on Ethereum — ERR (Ether Reference Rate) and the index of the ETH/USD. This, in turn, another step in the direction of popularity of digital assets.
Now technical analysis:
BTC/USD: ready to turn around?
Bitcoin (BTC) continued correctional movement in spite of attempts to turn around in the beginning of the week. Important support level in area $8345 is an important Outpost for bitcoin – if there is a steady consolidation below the level, then aktiviziruyutsya bears. If the implementation of a positive scenario, that is a reversal, then we can expect a consolidation to higher trade framework.
In addition, the current correctional movement could not pass the middle of the pulse (rising trendline). Within the framework of speculative trading that serves as a positive signal.
As for Elliott wave, formed trehvaltsovoj movement A B C. according to the test of the Golden section of Fibonacci, you can still signal a reversal in favor of growth. Bearish scenario for wave markup is achieving a wave of support around $7361.
ETH/USD H4: holding above the support level
The ether (ETH) after an unsuccessful attempt to consolidate above the level of $712 plunged. At the moment, resistance in the neighborhood of $712 serves as a reliable barrier against growth. Also pay attention to the level of around $640. Trading history says that the ether was repeatedly tested this value. Therefore, in case of realization of a negative scenario (decrease of the ether), this level will be of great importance.
If you look at the wave structure Elliott, still there is reason to believe that the corrective wave 4 found completion in the neighborhood of $640. In the case of a strong breakout of the resistance around $712, will be a good signal for the formation of impulse traffic in order to $836 and $969.
LTC/USD H4: the reversal
Litecoin (LTC) holds above support around $135, which is a positive signal. This level has a greater degree of importance, since the schedule of prices repeatedly tested. In the case of self-purchase support, you can expect a new wave of growth to the next level in the neighborhood of $156.
Also, do not forget that the price chart is in correction, and the reserve to support at $124 is still there. According to the wave theory of Elliott, wave C might still show its development. This means that in case of landslide sales reach around $124 looks likely scenario.
XRP/USD H4: support in the neighborhood of $0.6435 still relevant
Ripple (XRP) has formed a channel down, keeps the price chart support around $0.6435. However, based on the descending direction of the channel, the probability of achieving the next support around $0.5675.
As for Elliott wave, there are still signs of development correctional waves, at least next week, maybe a continuation of the wave C. in addition, ripple is testing the area of the «Golden section» grid Fibonacci retracement in the range of 0.618. This in turn serves as a signal for maintaining the fence, because technically a reversal in price.
In the case of a steady turn against corrections, opens the prospect of reaching the resistance level at $0.7633 $0.9637.
DSH/USD H4: near important levels
Dash (DSH) konsolidiruyutsya above the important support level at $390 and is still in the phase of the correction movement. However, the price chart is near resistance level of the descending channel that technically hints at imminent reversal in the event of a breakdown. If such a scenario is realized in the beginning of the week, then the prospect of reaching the next level in the neighborhood of $463.
In addition, a consolidated movement against the trend may hint at the imminent reversal, and as for the Elliott wave, the corrective wave 4 is almost finished its movement. Like other cryptocurrencies, dash tests the area of the «Golden section» in the grid of Fibonacci retracement.
Also do not forget about possible negative scenarios and subsequent correction. If sales continue, then opens the prospect of achieving the next support at around $343.