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The past week waas a week of altcoin trends. Will the current trends continue, or are they going to turn about?
Ethereum, ETH, Litecoin, DASH, price, usd
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:
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