The bitcoin price has been maintained since the second half of March this year. In a horizontal trend between $ 30,000 and $ 42,000. In recent days, another minor consolidation has emerged within this formation. The upper limit is resistance around $ 36,400 and measures 61.8% — Fibonacci correction from an earlier downward impulse.
Due to the recent appreciation, the BTC price has reached this resistance area, and there was a supply reaction there this morning. If only this zone is permanently rejected, the quotations of the oldest virtual currencies could drop to the level of $ 30,000.
Looking at the 4-hour interval, we will notice that a lot will depend on what happens in the vicinity of the local uptrend line, which is currently being tested. A fall in the BTC price below this support could open the way for its further depreciation. At the same time, the emergence of a larger demand response signalling a potential rejection of the currently tested zone could catalyze short-term increases, for which the real ranges would be around $ 36,400.
Looking at the ETH quotes, we will notice that the price of this cryptocurrency has been moving inside the bullish wedge for some time. It is worth noting here that from a purely technical point of view, this is a correction pattern, which means that statistically, more often, the market breaks out of it in the direction consistent with the earlier impulse, which in this particular case may increase supply pressure for a possible breakout and continuation declines.
For the time being, however, Ethereum remains within this pattern, and given the recent rejection of the upper bound of the pattern, the potential for short-term increases is limited to re-testing the upward trend line as the lower bound of the pattern. Only a permanent defeat of this support would open the way to further drops in the vicinity of $ 2025, or even $ 1750.
Bitcoin Cash’s quotes have risen almost 40% since June 22. However, it is worth noting that this appreciation stopped near the nearest resistance of $ 545 and measured at 61.8 per cent — Fibonacci correction from the earlier downward impulse, where a supply reaction appeared this morning. If this zone is permanently rejected, the BCH price could drop to around $ 440 or even $ 370.
However, looking at the 4-hour interval, we will notice that this situation seems almost identical to BTC. In this case, the line of the local upward trend stands in the way of further declines and only overcoming it could serve as a kind of catalyst for further depreciation.
The current situation on Litecoin quotes is also quite similar. The rate has recently risen to the area of recently defeated support (now resistance) of $ 150 and measuring 61.8 per cent — Fibonacci correction, where there was a supply reaction this morning. If only this zone is permanently rejected, we could expect another decline soon, for which agricultural ranges seem to be around $ 120, $ 95, or even $ 67.
