The past week waas a week of altcoin trends. Will the current trends continue, or are they going to turn about?
Ethereum has reached the minimal target of the medium-term correction. Trading on that level can provoke a continued fall of Ethereum’s price.
Ethereum’s price is at a key level, where the downward movement can be disrupted. In case of a rebound from $12.2 followed by a return to $11, Ethereum has a chance to continue its downward trend. For an extra confimation, Ethereum’s price has to stop at the level of $11, which will display the lack of sufficient support from the bulls. In that case, the downward trend can grow into a larger rebound toward at least $8.
Litecoin has exited its medium-term flat by forming a powerful upward impulse. A stop at the $4.5 mark can become a cause for a turn to decline.
The support of the majority of the bulls is needed at the $4.5 resistance line. Otherwise, Litecoin’s price will start forming a rebound toward the entire upward movement, which has started at $3. The target for a medium-term rebound will be in the intersection area of several instruments: the diagonal channel and the bottom limit of the previous flat.
Dash’s price is forming a medium-term downward rebound. The price went beyond the minimal target, which is one of a signals of a potential continuation of the downward trend.
However, for a more confident signal the bears will have to hold a new level around 0.0150. If that is the case, the odds will be on the side of a continuation of the downward trend. Still, a more significant signal of a coming turn would be a rebound from the 0.0150 resistance and the following fortification at a previous level of 0.0161
The key levels, at which the downward weekly trends are most likely to form:
- $11 for Ethereum
- $4.5 for Litecoin
- 0,0150 btc for DASH