Bitcoin is Going Heavily Up Says This Weeks Crypto Technical Analysis

BTC reached a new high, with the head and shoulders pattern no longer relevant. The new target may be as far as the pattern width is, i.e. $10,650.

Both XRP and ETH are ready to break out their rangebound patterns too, currently just lacking a resistance breakout in order to continue rising.

LTC is testing its highs, leaving its triangle pattern on H1. EOS is the only loser for now, where the price is reversing down; still, the pull back has not started yet, and one should wait for a confirmation before going short.

BTC is going heavily up, making head and shoulders irrelevant once more. The price has broken out the upper triangle boundary, with the next target lying at $10,105.

Moreover, the bottom Bollinger band got tested and the price bounced up, which means the uptrend in question is quite strong.

Most likely, BTC will correct to hit the upper triangle boundary at $8,940 and then go up, probably breaking out the resistance at $10,105.

Conversely, it may also hit the lower ascending channel boundary and close below $7,360, falling then as low as $5,795.

On H1, BTC is quite inside a triangle, while another pattern being formed may push the price to $10,105.

In the short term, the lower triangle boundary may get tested too, and then the price is likely to continue rising.

This rise will be confirmed once the top boundary of the  pattern gets broken out and the price closes above $9,550.

Conversely, BTC may hit the lower ascending channel boundary and close below $8,940, which will then likely send it to $8,175.

ETH is still trading above the upper ascending channel boundary, and still has good chances for reaching $355 and beyond; moreover, RSI support got bounced off.

This rise will be confirmed once price goes up heavily and closes above $285. Conversely, it may also hit the lower ascending channel boundary and close below $225, which will send eth to $190.

On H1, a 5-0 pattern is being formed, which may first send ETH to $255 and then, with a bounce, to $290; this is confirmed with RSI bouncing off the trend line, and will also be confirmed once the line gets broken out and price closes above $280.

Conversely, ETH may also hit the lower ascending channel boundary and close below $255, which may continue the correction towards $225.

EOS is moving above the upper Ichimoku cloud boundary, thus uptrending. The Ichimoku signal lines, however, have crossed out, issuing a sell signal.

The fall may be confirmed once the bottom boundary gets broken out and the price closes below $5.90.

With a head and shoulders pattern formed, EOS may sink as low as $3.10, but, in order to get that, one must wait for the price to break out $5.90 first.

If this does not happen, EOS may do the same Bitcoin did, i.e. make the pattern irrelevant and continue rising.

At this rate, EOS is most likely to test the upper cloud boundary and continue rising to $8.77; conversely, if the price still manages to break out $5.90, it will sink heavily after forming the pattern completely.

On H4, EOS is moving along an ascending channel, with the current pattern being good for a rise.

In the short term, the lower channel boundary may get tested, and then the price is likely to continue rising, which will be confirmed once the price breaks out the resistance area and stays above $7.50.

Conversely, it may also fall in case it closes below $5.93, which may hit the bulls badly and make them wait for a very long time until the crypto starts to recover.

LTC is testing its local high area, but the upward momentum is no longer that strong. The coin is still moving along an ascending channel, however, and the MA’s confirm the overall bullish trend.

The immediate target lies at $187, while a correction to the lower channel boundary at $102 may also happen.

On D1, the price is quite likely to test the support at $125 and then continue rising. If the support gets broken out, however, LTC may sink to $102. If this is the case, this is unlikely to be an overall reversal, though.

On H1, LTC is forming a triangle, thus signaling major volatility before a rise. The price has already bounced off the MA area a few times.

The rise will be confirmed once the top boundary of the triangle pattern gets broken out and the price closes above $146.

In case the lower boundary gets broken out, the price might go down to $123, and then hit the major support at $102.

XRP is testing the upper flat channel boundary, still moving along a bullish 5-0 pattern, ready to hit the resistance and continue rising. Once it happens, the price is likely to target $0.5770.

This scenario is well confirmed with RSI bouncing off the support. The lower boundary may also get tested, and then the rise is likely to continue. Conversely, if $0.3675 gets broken out, the price may fall to $0.2780.

On H1, price bounced off the resistance. The bottom boundary may now get tested, and then the rise is likely to continue, especially in case RSI bounces off the trend line again.

The rise will also be confirmed once the upper flat channel boundary gets broken out and the price closes above $0.4620.

Conversely, XRP may head down in case the lower ascending channel boundary gets broken out and the price closes below $0.3820; in the latter case, XRP may sink to $0.2780 and beyond.

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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