Sirwin
Sirwin

Cryptocurrency price analysis: do not rule out a fall to $ 6320

By Artur89 | Arthur Crypto 2020 | 17 Jun 2020


Cryptocurrencies continue to consolidate: the leading asset is squeezed in the framework of the "Triangle", and only a breakdown of the level of $ 10 565 will indicate a continued rise in the price to $ 13 865.

Do not rule out a drop in the BTC rate to the level of $ 6320, where the formation of a large reversal model may be completed. It is then that it will be possible to think about conservative purchases and expect a stable bull trend to develop on the entire cryptocurrency market.

Bitcoin

Bears continue to hold resistance at around $ 10,000. Now the Triangle pattern is being formed on the daily chart of the asset. The main trading idea still involves a breakdown of the lower border of the figure with a continued decline to the level of $ 6320 as part of the development of the model. An additional signal in favor of this option will be a rebound from a downtrend on the RSI indicator.

Confirmation of the option with a decrease will be a breakdown of the support level and price fixing below $ 8555. The cancellation of this scenario will be a breakdown of the upper boundary of the Triangle model, in which case we should expect continued growth to the first target at $ 11,900.

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On a 4-hour chart, quotes are falling in a downward channel. Do not exclude the test of the upper boundary of the channel at the level of $ 9750 and the continuation of the fall to $ 8875. A breakdown of this level will open the way to a decline to $ 7995. A strong signal in favor of falling will be a rebound from the resistance line on the RSI indicator.

The cancellation of the negative option will be a breakdown of the level of $ 10 045, which will indicate the overcoming of the upper boundary of the downward channel and the continuation of the price rise to the level of $ 10 565.

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Ethereum

On the daily chart, Ethereum continues to adjust as part of the downward channel. So far, the bulls have not managed to gain a foothold above the level of $ 253, after which a rise to the level of $ 287 could be likely.

As the main trading idea, we should expect a rebound from the upper border of the channel and continue to fall to the first target at $ 175. A strong signal in favor of this movement is the breakdown of the ascending support line on the RSI indicator. It indicates the potential for crossing the lower boundary of the ascending channel.

The cancellation of this scenario will be overcoming the resistance level and fixing the price above the level of $ 253, in which case it is worth moving to the option with the continuation of the price increase.

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At small time intervals, quotes are reduced within the descending channel. The values ​​of the RSI indicator have already pushed off the resistance line, which suggests a fall already from current levels.

The first goal of the decline is the level of $ 223, a breakdown of which will indicate a continuation of the fall to $ 210. The cancellation of this option will be a breakdown of the upper boundary of the downward channel with price fixing above the level of $ 241, after which we can expect continued growth to the level of $ 253.

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Litecoin

Litecoin quotes on the daily chart are moving as part of the correction, the Triangle model remains relevant here. The values ​​of the RSI indicator have already broken the uptrend line, therefore, there is the potential to exit the Triangle model down and begin to work it out with a potential target of $ 24. This idea will be confirmed by a breakdown of the lower boundary of the model with price fixing below $ 38.

Cancellation of the proposed option will be a breakdown of the level of $ 51, at which the target of the rise will be located at the level of $ 68.

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On a 4-hour chart, LTC / USD quotes are repelled from the lower border of the upward channel. We should expect another bounce from the resistance level by $ 45 and a fall in prices to the level of $ 41, a breakdown of which will indicate a continued decline to $ 39. A strong signal in favor of this movement is the rebound from the trend line on the RSI indicator.

Cancellation of this option will be a breakdown of the upper boundary of the downward channel with price fixing above the level of $ 46. In this case, it is worth considering the continuation of the rise to the level of $ 48.

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Bitcoin Cash

Bitcoin Cash cryptocurrency quotes on the daily chart are still clamped in the framework of the “Triangle”. The RSI indicator values ​​also could not leave the side channel.

The main trading idea is an attempt to break down the lower border of the model and continue to fall to the level of $ 136.

The cancellation of the described scenario will be a breakdown of the upper boundary of the model with price fixing above the level of $ 280. Then we can safely talk about continued growth to the level of $ 356.

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On the 4-hour chart, quotes left the limits of the short-term ascending channel and are currently testing the broken border. There is potential for a rebound and continued decline to the level of $ 228, a breakdown of which will indicate a decrease to $ 213.

The cancellation of this option will be a breakdown of the level of $ 250, in which it is worth considering the continuation of the rise to the level of $ 264, since the price will again return to the boundaries of the rising channel.

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EOS

EOS quotes on the daily chart are in the lateral corridor between the resistance and support levels, but here you can also highlight the "Triangle" model.

The values ​​of the RSI indicator crossed the upward trend line, which indicates the potential for the breakdown of the lower boundary of the model with a fall to the level of $ 1.32. A confirmation of this forecast will be a breakdown of the support level and price fixing below the level of $ 2.32. Since the value of the asset is under the “cloud” of the Ichimoku indicator, there is a strong bearish trend and the potential for further decline.

The cancellation of this option will be the breakdown of the level of $ 2.87, in which case we can talk about the continuation of the rise to the level of $ 4.10.

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On a 4-hour chart, the price pushes off from the lower border of the “cloud”, which confirms the presence of a downward impulse. There is every chance to see a price rebound and its fall to the nearest support at the level of $ 2.40. A good signal in favor of such a movement will be a rebound from the resistance line on the RSI indicator.

1dad81e5560dc7ce7bbff5ef8281153f968a4bd47276dfcccd2570a1ee72ccc4.pngCancellation of the negative scenario for buyers will be a breakdown of the level of $ 2.65, which will indicate the intersection of the upper boundary of the "cloud" and the resumption of the upward momentum.

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Artur89
Artur89

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Arthur Crypto 2020
Arthur Crypto 2020

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