Still, there is no trend-setting decision with the usual cryptocurrencies. The sideways phase continues. The promising chart pattern has not yet been resolved.
The range of fluctuation in the Bitcoin rate has reached a new low from a percentage point of view. This amounts to at present only 300 US Dollar and/or 5 per cent. The downward trend continues. Currently, the power is not yet sufficient to start this. In the last three days, the Bitcoin came again to the lower edge of the cloud of the Ichimoku Kinko Hyo-indicator and bounced off it again. Again, the moving averages in the day chart are disunited and do not provide a clear interpretation.
The range 5,877 to 6,025 US dollars can be defended. In the best case already lower price than 6,300 US Dollar remain out and the Bitcoin starts the upward trend. This is currently running at 7,000 US dollars – with a downward trend. With a price increase above this, the cloud of the Ichimoku-Kinko-Hyo-Indicator is also outbid. However, the broken formation will have a much higher relevance with this breakout above the downward trend. A breakout above the mentioned downtrend is accompanied by the dissolution of the falling triangle. A resolution that does not conform to the rules holds enormous potential and could bring the Bitcoin up to the US$ 8,000 mark. Further price increases follow in the event of a breach. The targets are then enclosed:
- 9,261 US dollar
- 9,726 US dollars
- 11,540 US dollars
The renewed hesitation of the Bitcoin at the lower edge of the cloud of the Kinko-Hyo-Indicator has further consequences and the 6.000-US-Dollar-mark is tested. If this range cannot be maintained and the Bitcoin falls below the 5,877 US Dollar, the falling triangle is dissolved. This can initiate a significant price slide. The downward targets are enclosed:
- 5.428 US Dollar
- 4,872 US dollars
- 3,929 US dollars
- 3,300 US dollars
and, unless it is a false outbreak, should be reached as soon as possible.
After reaching the target on the underside of the exchange rate of around 180 US dollars, the air is out of the Ethereum exchange rate. After reaching a high of 255 US dollars, Ethereum started to correct again. Since then, the range of fluctuation has been negligibly small. The price is now immersed in the cloud of the Ichimoku-Kinko-Hyo-Indicator. The moving averages have no significance in this “micro-movement”, at least from the point of view of the daily chart.
The bottom of around 167 US dollars can be maintained. The rise above 263 US dollars confirms the bottom formation. The indicators would confirm this rise. The price target for exceeding 263 US dollars is still 338 US dollars. Even a rise in the exchange rate above 322 US dollars is sufficient to outperform the cloud of the Ichimoku-Kinko-Hyo-indicator – with a downward trend. A rise above 366 US dollars activates the price target of 405 US dollars. The big buy signal is still very far away, but is mentioned for the sake of completeness:
Price increases above 471 US dollars go hand in hand with an upward movement with a target of 624 US dollars.
Ethereum again reaches the short-term low of around 180 US dollars. This is sufficient for another small counter-movement, but cannot be sustained sustainably. Prices below 167 US dollars trigger the price target of 129 US dollars.
The big upswing in the Ripple price comes to an end for the time being. 41 percent of the movement has already been sold. With the ongoing correction, Ripple is now in the important range between 0.43 and 0.46 US dollars. As before, no daily closing price could be generated above the downward trend. This does not speak exactly for the “small slip” upwards. The supporting cloud of the Ichimoku-Kinko-Hyo-Indicator comes closer and closer. But it is still a good 20 percent away from the current course. The moving averages now confirm the sell signal.
Ripple can already defend the 0.43 US Dollar mark. The downward trend at 0.55 US Dollar – with a downward trend – is tested and then broken through. This should carry Ripple to the 0.67 US Dollar in the short term. A bigger buy signal comes above 0.75 US dollars and has the following price targets:
- 0.89 US Dollar
- 1.15 US dollar
- 1.37 US dollar
Ripple can’t hold the $0.44. The relapse below this level simultaneously triggers a sell signal by means of a 38.2 percent Fibonacci retracement. Thus, the entire upward movement can come to an end and it goes back to the breakout level. This is at 0.31 US dollars. If further corrections follow from this, these targets are on the agenda:
- 0.24 US dollar
- 0.15 US dollar