After last week’s high, the BTC/USD pair has had a correction. More vivid support and resistance zones have emerged.
As a result, this is the situation for the moment:
- Uptrend continues.
- Strong support zone $1,616 – $1,650.
- Resistance zone $1,810 – $1,840.
- Volatility remains, although less in the last few days.
What are the price prospects?
Considering only the technical analysis, if the resistance zone remains at $1,810 – $1,840, then a new trading channel will probably emerge in between $1,640 – $1,810.
Otherwise, if buyers turn out stronger than sellers and pass the $1,810 – $1,840 resistance zone, new highs for BTC/USD are highly probable. Buys after the resistance zone retest with small risk will remain the main trend for this week.
A flat can be almost entirely ruled out due to volatility, but the chances still remain. Short positions on this market are very risky, even if you trade channels. Pay attention to the uptrend. With such strong movements and market volatility, good results are really doubtful.
Litecoin has faced an even more severe correction. The technical analysis shows an interesting shape – head and shoulders. To see this, you should pay attention to trading from May 7-14. Right now, the cycle has ended and the idea has played itself out. A strong support zone has formed at around $23.
The forecast is as follows:
- Long positions from the support zone, with $29 – $30 goals. The channel will most probably form at $23 – $30, and the price will be trading in this zone.
- Pay attention to the trading volume; if it decreases, a flat can emerge. Then the price can trade at $23 – $25 for a week.
- The least probable scenario at the moment is a downfall to $16. On the current market, only powerful triggers can let it happen. Following the news is a must for a trader.
Ripple has shown new highs after the latest news. Right now there is a correction going on. Considering the last cycle and price behavior, we can assume that the support zone will most probably be at around $0.32. Highs at around $0.42 are also an important parameter. Placing goals higher might be risky.
- The probable support zone is at $0.32. We forecast that buys are likely to start from this point. If they do start, then goals at $0.40 will be a decent trade.
- If the price goes even lower and if the correction will be more powerful, $0.22. This is the next forepost of buyers.
- Strong volatility remains.
No vivid, strong levels. We have just outlined the most probable zones but pay attention to the strong volatility of this pair.
Considering that there are no levels and strong volatility following the strategy, we should remain off-market, until there are more apparent signals.
Published at Thu, 18 May 2017 14:02:45 +0000