Receive all Cointelegraph news immediately in Telegram.
The directions of altcoin trends have split. The only common thing that can be observed at the moment is the fact that Ethereum and Litecoin are both at their long-term resistance lines.
The decline that Ethereum’s price has suffered this week was not as strong as could be expected. That can be explained by the change of trends from medium-term level to long-term one.
In order to change its direction to growth, Ethereum’s price will have to break the downward trend by fortifying and forming a turn at the level of $9.3.
Litecoin’s price has reached a long-term resistance line within its upward trend. There was no turn to decline, so the result is the continuation of the upward trend.
Because Litecoin’s price is right now at a long-term resistance line, it can be influenced by a number of factors, which can lead to its decline. As a rule of thumb, a fall usually happens at points like this. That is due to the bulls closing their positions at a key level and bears opening their long-term deals. Thus, if a downward dynamic does form, the critical point for a rebound will be at $3.3, which is the level of the largest accumulated trading volumes. If the bulls fail to take advantage of that profitable price, there will be a turn to decline.
The price of Dash has formed a flat near a long-term resistance line. For the weekly trend to begin, the price will have to exit that flat by fortifying at either of its limits.
There is a good chance of a rebound off the bottom limit of that flat. Because there was no turnabout in the long-term scope, the whole downward movement is currently a correction.
For the downward trend on Ethereum to change, the level of $9.3 has to be breached.
To break the upward trend on Litecoin, the market has to form a turn at the level of $3.3.
For the weekly trend to begin, Dash’s price has to fortify and form a turn at either of the limits of the weekly flat.
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
You registration completed successfully.
Confirmation email sent to email address provided.
One fine body…