Dmitriy Gurkovskiy, a senior analyst at foreign exchange broker RoboForex, shares his insights into the future scenarios for Bitcoin price movement as well as possible price swings of major altcoins.The Bitcoin quotations failed to secure above the resistance level, and now a decline is very probable. However, if the buyers manage to push the price above 00, growth will also become possible. The Bitcoin Cash chart looks interesting: there is a reversal pattern forming, promising growth, and the price is likely to bounce off the current levels very soon. The Ethereum, EOS, and Litecoin remain under the pressure of the buyers and are prone to falling to new minimums.BitcoinThe leading digital asset keeps declining. The quotations have managed to break out the support level. The next
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Dmitriy Gurkovskiy, a senior analyst at foreign exchange broker RoboForex, shares his insights into the future scenarios for Bitcoin price movement as well as possible price swings of major altcoins.
The Bitcoin quotations failed to secure above the resistance level, and now a decline is very probable. However, if the buyers manage to push the price above $9800, growth will also become possible. The Bitcoin Cash chart looks interesting: there is a reversal pattern forming, promising growth, and the price is likely to bounce off the current levels very soon. The Ethereum, EOS, and Litecoin remain under the pressure of the buyers and are prone to falling to new minimums.
Bitcoin
The leading digital asset keeps declining. The quotations have managed to break out the support level. The next support is at $7670. The price has also managed to break out the lower border of the Bollinger Bands, which indicated pressure from the sellers. The ascending of the price should be confirmed by strong growth and a breakout of $9800, which will mean an escape from the descending channel. However, now we have all the chances to witness a decline with the first aim at $6875. Such a movement is confirmed by a breakout of the ascending trendline on the RSI: this signal makes a renewal of the local minimum possible.
On H4, the quotations have also broken out the lower border of the ascending channel. As we may see, the price has started pushing off the upper border of the Bollinger Bands and is breaking out the lower one, which signals a descending impulse. A strong signal confirming such falling is a bounce off the resistance line on the RSI. The negative scenario may be canceled by a breakout of the lower border of the channel and securing above $9000.
Ethereum
On D1, the quotations are still pushing off the Moving Averages, which signifies pressure from the buyers. The price is squeezed inside a Triangle. A breakout of this pattern in the direction of the trend is not excluded, followed by a decline with the first aim at $120. Yet another signal confirming the decline is a bounce off the resistance line on the RSI. The development of the declining impulse should be confirmed by a breakout of the lower border of the Triangle and securing of the quotations below $170. The decline will be canceled by a breakout of the upper border of the pattern and securing above $205, in which case we should expect further growth with the first aim at $280.
On the smaller timeframes, the quotations are declining inside the channel. The RSI values keep pushing off the descending trendline, which indicates a bearish impulse. Presently, we should expect further falling to the first aim at $150. The scenario may no longer be valid if the upper border of the ascending channel is broken out, and the quotations secure above $200. In this case, the aim of the growth will be $240.
EOS
The quotations have slumped under the Ichimoku Cloud, which signifies a downtrend. There is still pressure from the sellers. As the main trading idea, we should expect growth of the price and a test of the upper border of the Cloud near $3.20, and then – further falling with the first aim at $2.42. A breakaway of this level will open a pathway to $1.45. This scenario is also confirmed by another bounce off the resistance line on the RSI – as we may see, the indicator values have failed to stay above this line. The decline might be canceled by strong growth and a breakout of $3.83; in this case, the aim of the growth will be $5.35.
On H4, the quotations have also slipped under the lower border of the Ichimoku Cloud, demonstrating pressure from the sellers. As a short-term idea, we should count on further falling. The decline needs to be confirmed by a breakout of the lower border of the channel and securing below $3.05. The scenario may longer be valid in the case of strong growth with a breakout of the upper border of the descending channel and closing above $3.83.
Litecoin
The quotations have bounced off the upper border of the descending channel. The RSI values have also failed to secure above the resistance level. All this signifies strong pressure from the sellers. We should expect further falling with the first aim at $41.70, a breakout of which will open a pathway to $21.80. The scenario may be canceled if the price grows confidently, breaking out the upper border of the descending channel and securing above $64.00; in this case, the aim of the growth will be $64.00.
On H4, the quotations are declining inside a long-term descending channel. The price has pushed off the resistance level. Here, we should also expect a further decline to $40.00. Yet another signal is a bounce off the resistance line on the RSI. The scenario, negative for the bulls, might no longer be valid if the resistance line is broken out and the quotations secure above $40.00.
Bitcoin Cash
On Di, the quotations keep forming an inversed Head and Shoulders pattern. As we can see, the price is ready to test the lower border of the ascending channel near $205. Also, here, a test of the ascending support line on the RSI is likely to happen. These factors suggest a high probability of a bounce and an upward movement, executing the reversal pattern. The growth may be confirmed by a breakout of the resistance level and securing above $313. The scenario will be canceled by falling and securing below $199. In this case, the formation of the pattern will not be completed and the quotations will fall to $100.
On H4, the quotations have pushed off the upper border of the descending channel. The RSI values are testing the support area, preserving the potential for a bounce and the beginning of a soon upward movement. The growth should be confirmed by a breakaway of the descending trendline on the indicator, as well as securing the price above $313, which will mean an escape of the quotations from the descending channel. This scenario may be canceled by a breakout of $200.
Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.