BTC has breached $40,000 and is approaching the all-time high price once again. Could this be a double top and we start the correction? Or could BTC continue the rally beyond the all-time high, pulling the altcoin market with it?
We will be able to find out about the movement of the altcoin market soon enough after BTC reaches the all-time high price. If BTC dominance increases after breaking the all-time high, we could see a consolidation and correction in altcoins. If BTC dominance drops and stabilizes near the all-time high price, we could see the beginning of the next alt season.
Today we will analyze Litecoin (LTC), Bitcoin Cash (BCH), and EOS (EOS).
LTC/USD – Price Prediction
LTC is entering a resistance zone at $164. It will most likely get rejected here and fall down towards the support zone at $149. If $149 breaks, we could start seeing a drop towards $141, $136, and $126. If the resistance at $164 breaks, we could start seeing an impulse towards $174, $187, and $225.
EOS/USD – Price Prediction
EOS is currently trading above the support zone of $3.05. EOS has been lagging in price action and is in a consolidation zone, so a breakout is expected. As long as it is above the support zone at $3.05, we could start seeing a move towards $3.66, which is a key resistance area to break. If this resistance gets broken and if EOS can close a few daily candles above this zone, we could start seeing an impulse move towards $4.02, $4.38, $4.88, $5.53, and $7.39. Failure to hold the support at $3.05 could lead to a move towards $2.88 and $2.50.
BCH/USD – Price Prediction
BCH has been another coin that has been lagging in price action compared to its peers. It is currently trading close to a crucial resistance zone at $495. If this resistance gets broken, we could start seeing a move towards $550, $591, $648, $721, and $933. Failure to break the resistance at $495 could lead to a drop towards the support at $431, $377, and $307.
Join us on Telegram to receive free trading signals.
For more information on cryptocurrency, visit the Altcoin Buzz YouTube channel.
Images courtesy of TradingView.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
