Ethereum Might $230 Says This Week’s Bitcoin Crypto Technical Analysis

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

Needless to say, all statements and views expressed below 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.

Bitcoin managed to keep the price above current support levels, but there’s still a significant risks of seeing BTC/USD much lower.

It should be kept in mind that the triangle has not been executed yet as the closest resistance level is $9,190, but the indicator values are growing and we should expect a test of the trendline, which may provoke a decline.

This might be confirmed by a breakaway of the lower border of the descending channel securing below $6,875.

The negative scenario might be canceled by the active growth of the leading cryptocurrency with a test of $10,995.

In this case, there may emerge potential for a pattern confirming further growth, which might point to a breakaway of the area of the local maximum.

On H4, price is correcting, remaining inside the descending channel with it already bouncing off the support line three times, which signifies a possible correction to the upper border of the descending channel near $9,190.

The quotations are near 50. That is why a decline from the current levels does not seem probable.

Further decline might not be likely if price breaks through the upper border of the descending channel and secures above $9,800, which will signify potential growth and a test of the resistance level at $10,995.

Bulls managed to push off the nearest support area for the second time. This might signify a possible correction upwards.

The resistance line on the chart is near $233.25. If this level is broken, there may be a return to the ascending channel and potential further growth.

On RSI, there is a Head and Shoulders pattern forming, and the right shoulder is not complete yet, so there is room for an ascending correction to $230.00.

On H4, if buyers manage to push the price above $200.00, we may expect ethereum’s price to rise to the upper border of the descending channel at $233.00, a breakaway of which will signify the end of the decline and the beginning of an ascending correction.

On D1, there is a slow-down of the down trend, but the potential for a decline is still high as the quotations of the digital asset remain under the middle line of the Bollinger Bands indicator.

A strong signal confirming the possible decline of LTC/USD might be a bounce off the resistance line on RSI, and we may see the indicator values approach this level.

The negative scenario may no longer be valid if Litecoin rises above $79.05, which will mean a breakaway of an important resistance level and further movement to $107.80.

On H4, Litecoin’s price is squeezed inside a Descending Flag pattern. Most often, such a pattern is broken top-down with the aim at the length of the previous movement.

That is why a decline to $40.30 should not be excluded, provided that the lower border of this pattern is broken away.

The scenario might be canceled if price escapes the descending channel and secures above $62.20, which will signify the further development of an ascending correction to $79.05.

On D1, buyers have managed to push off the lower border of the descending channel.

Currently, XRP’s price is above the Ichimoku Cloud which signifies an uptrend. A reversal Double Bottom pattern may also form, and in the case of a breakaway of $0.3340, we might expect strong growth with the first aim at $0.4805 and the next one at $0.4500, i.e. the lower border of the descending channel.

The scenario may no longer be valid if the quotations fall below the Ichimoku Cloud, which will mean that the bearish trend has resumed and a decline below $0.2000 may follow.

On H4, the asset is moving inside an ascending channel and is currently testing the resistance level of $0.2840. XRP quotations are also above the Ichimoku Cloud, which points to a short-term bullish trend.

We should expect an insignificant decline to the lower border of the ascending channel and then further growth with the potential aim at $0.3215.

The scenario may be canceled if the quotations break through the lower border of the Ichimoku Cloud and secure below $0.2400, which may be followed by a drop to $0.2290.

On D1, the quotations remain under the middle line of the Bollinger Bands while RSI values have nearly tested the descending trendline.

If BCH’s price returns to the area above the neck of the reversal pattern, then it might be aiming at $165.45.

On H4, there is a potential Descending Flag forming, which might suggest a decline if the lower border of the pattern is broken through with a strong confirming signal being another bounce off the trendline on RSI.

Alternatively, BCH might break $280.00, which may mean BCH/USD has escaped the descending channel with it potentially then reaching $355.00.

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