Serious Correction For Bitcoin, ETH, Cryptos Says This Week’s TA

1w
6m read
Summary

The declining may be canceled if the quotations escape the channel and secure under $235, in which case growth will be aiming at $275. It is important for the “digital gold” not to fall below $9,000; such a scenario implies further descending correction. So, a serious decline should not be excluded in case of a breakaway of $9,000. At the same time, EOS and Ethereum are conversely aiming at a good bounce upwards after another wave of descending correction. Bitcoin Cash On the daily chart, Bitcoin Cash still looks ready for an aggressive decline as the completion of the reversal Head and Shoulders pattern.

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Bitcoin is experiencing a serious correction. Presently, it preserves the potential for the decline to $9,900, from where the quotations may form a new wave of growth, realizing the reversal pattern.

It is important for the “digital gold” not to fall below $9,000; such a scenario implies further descending correction.

There is still pressure on other altcoins, reversal Head and Shoulders patterns forming on the Litecoin and Bitcoin Cash; in case these assets renew the minimums, they may demonstrate a steep decline.

At the same time, EOS and Ethereum are conversely aiming at a good bounce upwards after another wave of descending correction.

Bitcoin

The leading digital asset is correcting, forming an upside-down Head and Shoulders pattern. The key support line is at $9,115.

A breakthrough of this area will signify an escape from the ascending channel and a further decline with the aim at $7,475.

As the main trading idea, we may consider...

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