Trading week showed mixed dynamics of trading among the most capitalized cryptocurrency. Leaders of growth were monero (XMR) and bitcoin (BTC), they showed growth of more than 10%. They continued to move in the direction of the rising trend, thereby creating good conditions for confident purchases.
As for the news background, he supported the market. It became known that the Ministry of Finance of Germany opened the way for a global legitimizatsii cryptocurrency. The regulator in its ruling has made bitcoin legal tender, similar to the traditional (Vietnam) currencies, and also clarified the taxation of operations with them. This is more than a positive signal for the stock market, as Germany became the second country after Japan that has taken such a step. It is not excluded that in a short time on such a liberal path will rise and other countries.
Of the bad news should also highlight that China continues to «tighten the screws» kriptosistem. Chinese authorities will carefully check traders to foreign cryptocurrency exchanges. There is a threat of blocking their assets.
Now technical analysis:
BTC/USD: still in trend
Bitcoin (BTC) is still within a rising trend. After an unsuccessful attempt to correct the price tried to hold above its previous high. At the moment, from the point of view of technical analysis, there is still the prospect of peaking at around $188 12, power reserve up to this level still exists. Therefore, the market reaction to positive news background will allow to create another wave of growth.
If you look at the situation from the point of view of the Fibonacci levels, the price chart pushed off from 0.382, which is a positive signal. Therefore, based on the current technical picture, we can expect the attraction to the local maximum in the neighborhood of $11 824.
Elliott waves as last week talking about what else goes on the pulsed movement. If the implementation of a positive scenario in terms of wave 5 (wave growth), it is not excluded the breakdown of the $12 188 subsequent gravitation to $14 424. At least, such expectations supports a finding of cryptocurrencies in the framework of the uptrend.
ETH/USD H4: near resistance line
The ether (ETH) holds below $1000, thus provoking the bears continue to sell. In addition, the price chart within the downtrend, which technically indicates further decline. Finding the cryptocurrency below the resistance line also pushes more traders to focus on sales.
At the moment the tactical breakdown of low near $848 may provide an additional signal to sell. In this case, we can expect the gravity to Fibonacci lines in the area of 0.50 to the support level at around $783.
From the point of view of the Elliott wave theory, is still too early to talk about further reducing. In the case of self-purchases, we can expect a breakout of the trend line with the subsequent formation of impulse wave 5. In this case, the first target will be in the price range of $980 -$902.
LTC/USD H4: in the triangle
Litecoin (LTC) konsolidiruyutsya in ascending symmetrical triangle. It is important to understand that this triangle is limited symmetrically converging lines of support and resistance. The breakthrough of uptrend (bullish) symmetrical triangle should occur in the direction of the existing trend then it will be considered a continuation pattern. In case of realization of this scenario it is possible to expect the achievement of such levels as $238 and $271.
Besides stretching Fibonacii coincide with the levels of $238, $271 and $307, therefore, priority targets in case growth is still relevant. Terms of Elliott waves, yet, there was the development of impulse wave 5. Don’t forget about the risks in case of realization of a negative scenario. It is possible to return to support $180.
XRP/USD H4: in the range
Ripple (XRP) shows the weakness of trades and traders ‘ reluctance to confidently buy from the support line at $0.8509. In addition throughout Feb emerged the confident descending trend. Based on the current situation, there is a risk of breakdown of support because the price chart is below the trend line, and technically it provokes traders to focus on sales. In case of realization of this scenario it is possible to expect the achievement of support in the neighborhood of $0.5675
The Elliott wave theory hints at further formation of waves, strictly on the downward trend.
The best-case scenario for drives ripple – it sure is a reversal and countertrend move. In this case the first target is around $1.1250.
DSH/USD H4: out of the triangle took place
Dash (DSH) is testing the lower border of the rising trend. Also seen the formation of the flag — the figures continue the trend. The model of the flag to create a short pause in a dynamic trend. So sure turn in favor of growth will only provoke the bulls continue to focus on the purchase. The first objective in the neighborhood of $686, and if this level is surely passed, then we can expect achievement of $795.
Elliott wave say about the growth phase framework 1 2 3 4 5. However, it is apparent that the schedule prices are not able to overcome at least in the area of wave 2 is the positive signal in favor of upward movement.
In case of realization of a negative scenario we can expect a test of support around $550.