The last week has given hope to market participants that the sale of crypto-currencies and the depreciation can finally stop. From the point of view of technical analysis, many coins stopped near important levels of support that serves as a positive signal. It gives hope for the bulls on the formation of a new phase of the upward movement, because the cryptocurrency market is very oversold and is at a low (buy) price levels.
As for the news background, he was carrying a moderately positive character. Last week was not scandals, but reports of greater implementation of the technology of the blockchain only creates optimism. So, at the beginning of last week, cryptologist learned that the Bank of England is testing the technology of the blockchain in the system of internal payments, and Audi introducing the blockchain in logistics.
However, some analysts believe that a new stage of growth of the cryptocurrency market may begin after the completion of the tax period in the United States on April 17. According to some, cryptocurrency investors are required to pay the Tax service of the USA to $25 billion of income tax.
Now technical analysis:
BTC/USD: reversal close?
Bitcoin (BTC) in the four-hour period stopped above price support at around $6500. This position is positive, because from this level can begin sure turn in favor of the new wave of growth. In the case of the positive scenario we can expect a consolidation to higher trade under $7500 – 9277.
In addition, it is important to note that «digital gold» is in a downward trend, despite the formed wave 1 and 2 corrective. You’ll also see the continued development of wave 2, and from the bottom of wave 1, the power reserve is still there. At the moment, from the point of view of technical analysis, there is still the prospect of reaching important support in the area of $6000. If this level will sure turn, then it will be a good buy signal on medium and long term, as can be formed of impulse formation 1 2 3 4 5 with the goal to $9000 and $12 000.
In case of realization of a negative scenario in the coming week, price can overcome resistance around $6000 and will be fixed in a downward trend. In this case, it opens the possibility of reducing up to $5,000 and finding a bitcoin in a lower trading limits.
ETH/USD H4: near important price support
The ether (ETH) holds above support at $360. This level is quite important, as the history of trading indicates that the price chart again tested. You can also see a consolidated movement, and from a technical point of view this is a positive signal, as it is a clear hold pause against the decline with a possible reversal to growth.
In terms of Elliott waves, see the hint at the end of impulse wave Y within the composite correction (W, X, Y). It is also seen that the aether is pretty much oversold, and this is a good signal for a countertrend move. Therefore, in the case of a confident overcoming the resistance in the neighborhood of $450, will be an additional signal to buy.
In case of realization of a negative scenario, the air will overcome the mark of $360, and then you can expect consolidation to lower trade framework. In this case, it appears the goal is to decrease in the neighborhood of $175 — $200.
LTC/USD H4: new price range
Litecoin (LTC) konsolidiruyutsya in the trading range $141 — $106. Reliable support level is near $106 as the history of trades shows that this level is tested. It is also important to note that corrective wave 2 is testing the base of wave 1. In the case of a strong reversal from this level will be a good signal to buy both long-term and in the medium term.
However, considerable support is provided and the 1.618 Fibonacci level, it roughly coincided with important low of February this year. Technically, he stressed the importance of finding a litecoin around $106 -$107.
In case of realization of a negative scenario (breakdown of $107) will continue the correction, now as part of the composite correction W, X, Y. in this scenario will open goals such as $72 and $45.
XRP/USD H4: soon exit the trend?
Ripple (XRP) stayed in a trading range of $0.5666 — $0.4594, it is also a moderately positive signal. If this level will turn, there will be a good signal to exit from the framework of the downward trend. A positive scenario for the cryptocurrency could serve as a reversal from the $ 0.4594, and puncture resistance 0.5666. In this case, it may be consolidation in the commercial part of 0.7098 – 0.5672$.
Terms of Elliott waves, the chart can show the end of wave C, since matevosova structure is nearing completion. In addition, at the moment, the cryptocurrency testing the 1.618 Fibonacci level from the base of the trend.
If ripple will overcome the support level at around $0.4594, then open the prospect of securing lower trade framework, and it opens the goal up to $0.2063.
DSH/USD H4: double bottom
Dash (DSH) holds above support around $280, as in the case with other crypto currency shows that market participants hold wait-and-see position. On the one hand it is a positive signal, since this level can be confident of the purchase, and on the other hand the prolonged sideways trend has not been canceled. In the extreme case of this level could start a new wave of sales, but in this situation everything will depend on the news background. In General, this cryptocurrency can see that there’s an important «tactical Outpost», so it is recommended to pay special attention to this.
In terms of Elliott waves formed the last wave within the composite correction Y. furthermore, we can see a hint on the formation of reversal pattern «double bottom». If the price chart sure comes to resistance near $340 and overcome it, then it will be a good signal to buy. At least in the future we can see a growth phase in the framework of the five-wave structure.