Crypto Price Analysis April 8: BTC, ETH, LTC, EOS, BCH

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Dmitriy Gurkovskiy
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Dmitriy Gurkovskiy, a senior analyst at foreign exchange broker RoboForex, provides his vision of the possible tendencies in price changes for Bitcoin as well as for other major cryptos.

Cryptocurrencies continue their slight growth and bulls have a lot of difficulties with conquering every level. It would seem that a long-awaited aggressive growth is right around the corner. However, from the technical point of view, there are still risks of another decline and test of the local low to complete ascending pattern in favor of growth. On the other hand, if bears fail to push the market lower, there won’t be any chances for further decline and cryptoassets may start rising slowly.

Bitcoin

Bulls managed to fix the price above the resistance level. At the moment, there are chances to see further growth with the target at $8.400. However, before that, bulls will have to break through another obstacle, Moving Averages, which indicates a descending tendency. To confirm proper growth, bulls must break the descending channel’s upside border and fix above $10.400. Still, the “growth” scenario may no longer be valid if the instrument falls and breaks the support level at $6.400. In this case, the asset is expected to continue trading downwards to reach $4.200 and form a reversal pattern.

Photo: Roboforex / TradingView

As we can see in the H4 chart, Bitcoin is growing inside the rising channel; it has already fixed above Moving Averages and it indicates a strong bullish pressure. One shouldn’t exclude the possibility of a new descending correction to test the support area at $6.670 and further growth with the first target at $8.275. A strong signal in favor of this movement will be a rebound from the support level at the RSI. However, the bullish scenario may be canceled if the instrument falls and breaks the rising channel’s downside border at $6.670. In this case, the asset may continue falling towards the next target at $5.515.

Photo: Roboforex / TradingView

Ethereum

As we can see in the daily chart, Ethereum has been able to break through the resistance level. At the moment, bulls have all opportunities to continue pushing the price upwards to reach the first target at $204. A signal in favor of this scenario is a breakout of the upside border of the Bollinger Bands indicator, which may indicate the completion of the descending impulse and the start of a new bullish tendency. Another signal to confirm this variant may be a rebound from the support line at the RSI. If the instrument breaks the support area and fixes below $150, it may continue trading downwards to reach $85. Somewhere not far from this area, there might be a potential of formation of a proper bullish pattern.

Photo: Roboforex / TradingView

On shorter timeframes, the price has failed to reach the resistance level. Later, the pair is expected to fall a little bit, test the rising channel’s downside border at $150, and then resume growing with the predicted target at $255. A strong signal in favor of this scenario will be another rebound from the trendline at the RSI; we can see that there have already been several rebound from the line. To confirm a rising movement, the pair must break the descending trendline and fix above $195. However, this scenario may no longer be valid if the instrument breaks the rising channel’s downside border and fixes below $150.

Photo: Roboforex / TradingView

Litecoin

In the daily chart, LTCUSD continues growing. It is quite probable that the asset is completing a bullish “Wolfe Wave” pattern with the upside target at $90. However, if the price falls and tests $35, it won’t be a reversal downwards but just a test of the rising pattern’s downside border. An excellent signal in favor of further growth from the current levels will be a breakout of the descending channel’s upside border and fixation above $55. Still, if bulls fail to protect the current levels and the price falls below $40, the asset may form a “Double Bottom” pattern.

Photo: Roboforex / TradingView

As we can see in the H4 chart, the pair is trading above the Ichimoku Kinko Hyo Cloud, thus indicating a bullish impulse. The upside target here is also the area between $55 and $65. One shouldn’t exclude the possibility of a test of the rising channel’s downside border and further growth. A strong signal in favor of this scenario will be a rebound from the trendline at the RSI. However, this scenario may no longer be valid if the instrument falls and fixes below $40. In this case, the asset may continue trading downwards to reach $35.

Photo: Roboforex / TradingView

EOS

In the daily chart, EOS is testing a quick Moving Average; there are risks of a correction with the target at $2.65 or even lower. However, here we also can see a potential for a “Wolfe Wave” ascending pattern, that’s why a test of $1.22 will be just a completion of the above-mentioned pattern. If bulls manage to push the price through $3.25, one can expect further growth from the current levels without any serious declines.

Photo: Roboforex / TradingView

On shorter timeframes, the price is rebounding from the centerline of the Bollinger Bands indicator, thus showing a string rising impulse. One shouldn’t exclude the possibility of another test of the rising channel’s downside border and further growth with the first target at $3.25. Another signal to confirm this scenario will у a rebound from the support line at the RSI. Still, the bullish variant may be canceled if the instrument falls and breaks $2.52. In this case, the asset may resume trading downwards with the target below $1.66.

Photo: Roboforex / TradingView 

Bitcoin Cash

In the daily chart, there is still a potential for a bullish “Wolfe Wave” pattern. A strong resistance area is not far from $307, that’s why one shouldn’t exclude the possibility of a test of this level, a rebound downwards, and further decline towards the pattern’s downside border. After that, the price may start completing the pattern. However, this scenario may be canceled if the pair skyrockets from the current levels and breaks $355. In this case, the instrument may stop forming the pattern and continue growing towards $500 instead.

Photo: Roboforex / TradingView

As we can see in the H1 chart, the cryptocurrency is growing inside the ascending channel. There is a potential for further growth towards $307. A signal in favor of this variant will be a rebound from the ascending channel’s downside border and a test of the support level at the RSI. Moreover, it’s the second time the price is rebounding from the area between Moving Averages, thus indicating a bullish pressure. However, if bears succeed in breaking through $240, the asset is expected to continue falling to reach $194 and later $136.

Photo: Roboforex / TradingView

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.

Author: Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.

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