During the last few weeks, ETH has been trading inside an ascending parallel channel on the 3-day chart.
The bullish trend could continue if ethereum is able to trade above $271. A move above resistance could take ETH to test the high of $288 or the top of the parallel channel.
On the 1-day chart, ethereum continues to trade inside a $37 no-trade zone between $271 and $234. Now that it has reached $271 and moved below the 7-day moving average, a drop to $234 could be expected, which is also where the 30-day moving average is sitting.
Recently, ethereum dropped from the top of the channel all the way to the bottom where it could bounce off to the middle of the channel.
A break out of the parallel channel could take this cryptocurrency to new yearly highs in an extremely bullish movement due to the length of the channel.
Bitcoin cash is currently trading on the bottom of the channel, which if it is able to hold could bounce off its market valuation to the middle or the top of the channel.
On the 3-day chart, LTC has been trading inside a massive ascending parallel channel.
At the moment, this cryptocurrency is at the middle line of the channel and it could continue to rise to the top around $150. However, if litecoin moves below the middle line, it could go down to the bottom of the ascending parallel channel around $95. Since the beginning of the year, litecoin can be seen trading above the 50-twelve-hour moving average.
Currently, EOS is sitting right on the middle line of the channel, where a move further down to the bottom or a spike up to the top could be presumed.
Although bitcoin cash and XRP have been trading around significant points of resistance for an extended period of time and a break out could take them to significant new yearly highs, the rest of the cryptocurrencies seem like they could be about to pullback.
Top 5 altcoins: Ethereum, XRP, Bitcoin Cash, Litecoin, EOS technical analysis
gepubliceerd op Jun 3, 2019
by Cryptoslate | gepubliceerd op Coinage
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