A senior analyst at RoboForex shares his insights into the future scenarios for Bitcoin, Ethereum, Litecoin, XRP and Bitcoin Cash price movement.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.Unfortunately, the crypto market still fails to return to the phase of good growth. The assets are currently testing important support levels, and we can soon see a bounce and the beginning of an upward movement. However, smaller timeframes indicate bearish pressure, and, potentially, we will see another test of local lows.In this situation, the buyers need to hold current support levels and try to escape the descending channels on H4s, then we may speak about a
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A senior analyst at RoboForex shares his insights into the future scenarios for Bitcoin, Ethereum, Litecoin, XRP and Bitcoin Cash price movement.
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.
Unfortunately, the crypto market still fails to return to the phase of good growth. The assets are currently testing important support levels, and we can soon see a bounce and the beginning of an upward movement. However, smaller timeframes indicate bearish pressure, and, potentially, we will see another test of local lows.
In this situation, the buyers need to hold current support levels and try to escape the descending channels on H4s, then we may speak about a full-scale renewal of the uptrend. But if the bears press the market even further down, it is highly probable that the downtrend will continue.
Bitcoin
On D1, the buyers are actively holding an important support area near $8200. Here, the area between the MAs also lies; as a rule, a test of such an area may provoke a bounce upwards and an attempt of further development of the bullish trend. A bit lower, the upper border of the descending channel lies. Yet another signal confirming the growth is a bounce off the support line on the RSI; as we may see, the values have almost reached this line, but a tougher test of the support line on the price chart is not to be excluded. The growth might be canceled by a breakout of the upper border of the descending channel and securing under $8050, in which case we should expect further falling to the next support level near $6875.
Photo: Roboforex / TradingView
On H4, the prices keep correcting inside the descending channel. Presently, there is a good chance of testing the support area near $8195, and only after this, we may expect the asset to start growing. A good signal confirming this scenario will be a breakout of the descending resistance line on the RSI, as well as a breakout of the upper border of the descending channel and securing above $9125. The scenario of the growth may no longer be valid in the case of a breakout of the ascending trendline on the price chart and closing below $8195, followed by a further decline of the cryptocurrency.
Photo: Roboforex / TradingView
Ethereum
The Ethereum quotations have failed to secure above the upper border of the descending channel, which indicates bearish pressure. Currently, we should expect further falling to the lower border of the channel near $185. From this level, we may expect a new wave of growth with a breakout of the local high at $285. Yet another signal confirming this idea may be a bounce off the support line on the RSI. Here, the MAs go that have just crossed in favor of the bullish trend; such a test may also provoke a good bounce upwards. However, if the closing price breaks out $180, the falling may continue to $150.
Photo: Roboforex / TradingView
On smaller timeframes, the quotations are squeezed inside another Triangle. As we may see, the prices are pushing off the resistance area at $240; there is a risk of further falling with the aim at $203 and then – to $183. A supplementary signal here is a test of the resistance line on the RSI. The decline will be confirmed by a breakout of the lower border of the Triangle. In this case, the aim of $183 is highly probable to be reached. The scenario may be canceled by strong growth and securing above $240; in this case, the growth will continue with the first aim of $287.
Photo: Roboforex / TradingView
Litecoin
On D1, the quotations are trading inside the Ichimoku Cloud: this indicates a flat, however, the prices have not yet managed to break out the lower border of the Cloud, so there is a chance of a bounce upwards and the renewal of the uptrend. The important support level is at $50. Here, the lower border of the ascending 5-0 pattern lies. A short-term test of this level and returning above the Cloud is not excluded, which will mean the renewal of the ascending impulse with the first aim near $102. The growth may not happen if $45 is broken out, in which case the ascending pattern will not form and the prices will fall to $35.
Photo: Roboforex / TradingView
On H4, the quotations are trading under the Ichimoku Cloud, so that we can speak about a short-term descending impulse. The prices have pushed off the resistance line at $64, which indicates bearish pressure. We should expect further falling to $55; a breakout of this level may provoke further falling to $50. This negative scenario is also confirmed by a bounce off the descending trendline on the RSI. The option will be canceled by a breakout of the upper border of the descending channel and securing above $70, in which case the bullish pattern 5-0 on D1 is likely to be executed.
Photo: Roboforex / TradingView
XRP
On D1, the quotations keep falling. The quotations have returned under the MAs, which indicates a bearish trend. The bulls yet fail to seize the initiative. However, a bit lower lies the lower border of the ascending channel, as well as an important support area, from which the prices have already pushed upwards. The growth will also be confirmed by a test of the support area on the RSI, where we can see regular ascending corrections at the moment of testing the area of 30. A good signal will also be returning above the MAs. The growth may no longer be valid in case the lower border of the channel is broken out and the quotations secure under $0.17; then the aim of $0.12 will become real.
Photo: Roboforex / TradingView
On H4, the prices are correcting inside a Triangle. The RSI values have broken out the descending trendline, which indicates a possible upward movement. However, we should not exclude an attempt of testing $0.21, where we will see a test of the broken trendline of the indicator and then – the beginning of growth. The latter will be confirmed by a breakout of the upper border of the descending channel and securing above $0.25.
Photo: Roboforex / TradingView
Bitcoin Cash
The quotations are clinging to an important support area, where the lower border of the ascending 5-0 pattern also lies. There is a good chance of seeing a bounce and the beginning of growth with the first aim at $410. A strong signal confirming such a movement is a bounce off the support line on the RSI; earlier, such a test preceded growth. Rising will be confirmed by a breakout of the middle line of the Bollinger Bands indicator. The scenario may no longer be valid if the prices fall and break out $295, which will mean an escape from the ascending 5-0 pattern. The latter may provoke serious falling to $165.
Photo: Roboforex / TradingView
On H4, the quotations remain under the resistance level. As we may see, the pressure from the sellers preserves. Falling from the current levels and a breakout of $295 is not to be excluded. This scenario is also confirmed by a bounce off the resistance line on the RSI. The decline may be canceled by a breakout of the upper border of the descending channel and securing above $360, in which case the 5-0 pattern on D1 is likely to be executed.
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.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.