Bitcoin Might $11,000 Says This Weeks Crypto Technical Analysis

Just as expected, Bitcoin managed to test the important support area close to $9,000 several times.

So far, buyers have been able to keep the price above this level, which indicates further growth.

However, one can talk about a proper rise only after the asset breaks the descending channel’s upside border and fixes above $11,025.

EOS is about to reverse with the first target at $5.95. In the daily chart of Litecoin, the price is forming a strong reversal pattern on RSI, which indicates a potential breakout of $107.

Ethereum is also getting ready to start new growth with the target at $230. In this light, Bitcoin Cash is looking quite weak as it is testing the rising channel’s downside border, thus indicating further decline.

Still, the growth of the entire cryptocurrency market may force Bitcoin Cash to resume moving upwards.

Bulls managed to keep Bitcoin above the support level; the price has rebounded from $9,075 twice. Moreover, it is also rebounding from the Moving Average, which indicates a bullish sentiment in the instrument.

The key trading idea implies that the instrument may test the rising channel’s downside border and try to grow with the first target at $11,025.

In case price breaks the descending channel’s upside border and fixes above $12,035, the growth phase may revive to reach the target above $13,200.

However, this scenario may no longer be valid if the pair breaks the support level and fixes below $9,075. In this case, the price may continue moving downwards to reach $7,275.

In the H4 chart, price continues moving inside a bullish “Wolfe Wave” pattern.

The support area below $9,075 is looking very significant for bulls, as the price is expected to complete the pattern there and try to start a new growth.

Another signal to confirm the growth scenario is the price’s breaking the downtrend line at RSI.

This signal indicates a probable rise towards $12,035. Still, this scenario may be cancelled if the instrument plunges and breaks $8,000. After that, the pair may fall towards $7,275 or even deeper.

Ethereum also stays above the significant support area at $185, but may yet rebound upwards. The asset continues moving inside “5-0” rising pattern with the target above $385.

Moreover, RSI is forming a “Failure Swing” reversal pattern. However, the first target of the pattern is the area at only $230. At the same time, any growth and a breakout of the resistance line may force another bullish impulse.

Still, this scenario may no longer be valid if the instrument falls and breaks the rising channel’s downside border. In this case, the downside target will be at $140.

In shorter timeframes, the price is stuck inside a“Triangle” pattern. One shouldn’t ignore the possibility that the instrument may immediately break the pattern’s upside border and start growing with the target at $325.

A signal to confirm this short-term trading idea is the price’s breaking the resistance line at RSI.

However, this scenario may be cancelled if the pair breaks the pattern’s downside border and fixes below $185, thus indicating further decline towards $142. That’s why a breakout of the pattern to the upside will be very important for bulls.

EOS keeps testing the closest resistance line at $4.85. As we can see, bulls manage to keep the price above the important support area at $3.30. If the price breaks this level, it may fall towards the next level at $1.52.

The key trading idea implies that the instrument may test the rising channel’s downside border and try to grow with the first target at $5.95.

A strong signal to confirm this scenario is the price’s breaking the downtrend line at RSI. As a rule, the indicator may go significantly before the price and in this case it means a breakout of $7.00.

However, the growth scenario may be no longer valid if the pair falls and breaks the channel’s downside border. After that, EOS may start another descending impulse.

From a technical point of view, the H4 chart shows a bearish tendency, which started back in July due to concurrence on Moving Averages.

Right now, the price is rebounding again from the quick Moving Average. The important resistance area is at $4.85 – if it is broken, the pair may complete its decline and start a new wave to the upside with the target at $5.90.

However, if the price breaks the descending channel’s upside border, the instrument may resume a proper uptrend.

Also, one shouldn’t ignore the possibility of a “Double Bottom” reversal pattern. In this case, after testing the support level at $3.30, the pair is expected to rebound and resume moving upwards.

Still, this scenario may be cancelled if the instrument falls to break the support level and fixes below $3.00.

Litecoin is moving between Moving Averages and if bulls are able to push the price above $110, the strong uptrend may resume.

Moreover, the price hasn’t been able to test the support area for the second time, which means that bears are weak.

A signal to confirm the growth scenario is the price’s forming “Head & Shoulders” reversal pattern at RSI.

However, this scenario may be no longer valid if the instrument plummets and breaks $75. After that, the asset may break the rising channel’s downside border and fall towards $64.

In the H4 chart, the price is testing the descending channel’s upside border. Here we can also suggest a “Double Bottom” reversal pattern, which is confirmed by the market’s unwillingness to test the support area for the second time.

To confirm this scenario, the instrument must break the channel’s upside border and fix above $107. The target of this pattern is at $135.

Still, the growth scenario may be cancelled if the price breaks $76. In this case, the pair may continue falling.

Unfortunately, technical analysis of the Bitcoin Cash daily chart doesn’t imply further growth.

As we can see, the asset is testing the broken border of the rising channel. We should expected the pair to rebound and fall towards $248.

A strong signal to confirm this trading idea is the price’s testing the resistance line at RSI. The indicator already rebounded from this line earlier to form an impulse to the downside.

To continue pushing the price upwards, bulls must break the resistance line and keep the price above $380.

In shorter timeframes, the asset is forming a descending impulse; right now, it is rebounding from Moving Averages. Also, it is forming “5-0” descending pattern.

While forming the pattern, the price is expected to test the channel’s upside border close to $365 and then continue falling with the first target below $240.

However, the decline scenario may no longer be valid if the price skyrockets and breaks the descending channel’s upside border.

In this case, the upside target will at $457. If later this area is broken, the bullish tendency will resume.

The weekly Crypto Technical Analysis is provided by Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Needless to say, all statements and views expressed above and any forecasts contained herein are solely based on the author’s particular opinion.

This analysis may not be treated as trading advice. RoboForex and Trustnodes bears no responsibility for trading results based on trading recommendations and reviews contained herein.

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