Potential Uptrend Says This Week’s Crypto Technical Analysis

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BTC managed to continue rising and make another local high, which signals a potential uptrend. Many say the most important sign will be the 500 and 200 SMA crossover.

Still, the flagship crypto is below the resistance of $6,000, and yet, a crossover is mainly regarded as just a confirmation signal. Once the SMA’s get tested and the price bounces, BTC may continue its uptrend indeed.

Bitcoin

The round number of $6,000, which is the resistance, is still near, while the price managed to break out the local high, thus stopping any potential reversal. Now the price may well continue rising and break out the resistance.

The RSI bounced off the support, confirming the uptrend. Still, the BTC may pull back to the support at $5,465, and then close below $5,780, which will signal the downtrend continuation.

On H1, BTC is moving along an ascending channel. The price may test its lower boundary at $5,395, but only to bounce back and continue rising, which may get confirmed with the RSI testing the trend line.

Conversely, a downside move will be confirmed once the bottom boundary gets broken out and the price closes below $5,270 and goes down to $4,900.

EOS

EOS is moving along an ascending channel, trading around $5.40. On D1, the price may continue going down, aimed at $3.99. This will be confirmed if the RSI tests the broken out trend line.

Currently, the oscillator is below the resistance, so the channel line is very likely to get broken out.

The nearest resistance is at $6.35, and in case it gets broken out, the price will be likely to continue rising. The support is meanwhile at $4.70.

On H1, EOS is finishing its triangle, and, in the short term, it is likely test the lower boundary at $5.45, to head towards $4 later, especially if the RSI tests the support.

The immediate resistance lies at $5.65, and once it gets broken out, the rise will be confirmed.

Ethereum

ETH is currently correcting and testing $168. On D1, it may get gown to test the lower channel boundary at $155, to reach then the upper boundary at $200.

This will be confirmed if the RSI tests the ascending trend line. In case the price breaks out $140 and stays below, the correction will continue instead.

On H4, a triangle is being formed; in the short term, the price may bounce off the lower boundary at $160, to head towards $200 later, especially if the RSI tests the support.

The resistance is at $190, and in case it gets broken out, the price will finally leave the triangle, thus issuing a strong buy signal.

In case the support at $150 gets hit and the price stays below $145, the ETH will be then heading towards $125 and lower.

Litecoin

LTC is correcting and moving down, trading at around $73.12. The lower channel boundary is nearly broken out.

On D1, the LTC may get gown to test the support at $55.90. This will be confirmed if the RSI tests the broken out trend line. Conversely, the price may continue rising in case the resistance at $85 gets broken out.

On H1, LTC is moving along a descending channel, ready to hit the upper boundary at $80 to head towards $62.60 later, especially if the RSI tests the support.

Conversely, the price will continue rising in case it stays above the upper boundary around $85.

Bitcoin Cash

BCH is moving along an ascending channel after bouncing off the resistance and hitting $282.50.

On D1, the price may correct and test the lower channel boundary at $200. This will be confirmed if the RSI tests the broken out trend line.

Currently, the oscillator is below the line, which means the upward move is fading out. If BCH manages to stay above $355, however, this will not be the case.

On H4, BCH is moving down to break out the lower triangle line. In the short term, it is likely to test the support at $173.50, especially if the RSI tests the support.

If the lower triangle line is broken out and the BCH stays below $250, a downtrend will be very likely to start. Conversely, the rise will continue rising in case the price stays above the upper boundary around $337.

The weekly Crypto Technical Analysis is provided by Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Needless to say, all statements and views expressed above and any forecasts contained herein are solely based on the author’s particular opinion.

This analysis may not be treated as trading advice. RoboForex and Trustnodes bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Copyrights Trustnodes.com

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