Technical analyst Mert Bozkurt evaluated the technical outlook in leading cryptocurrencies Bitcoin, Ethereum, Litecoin and XRP for Uzmancoin.
Bitcoin: BTC / USD
There is an OBO pattern formation on our hourly chart. If the turquoise colored Oblique support breaks and the candle closes below it, the Formation becomes active and a decline may be observed up to the level we specified (10325). With the support break that we have determined as the green zone, a decrease can be observed until the Harmonic Butterfly Pattern formation (9490). Another alternative trade scenario is that if our orange resistance zone is broken, an increase can be observed until the Harmonic Bat Pattern formation (11785).
Ethereum: ETH / USD
With the downward break of the Rising Takoz formation on our hourly chart, our formation became active. If our price movement, which makes a pullback again, continues to decline due to the formation, we can see a retreat to the levels of $ 342 and $ 325. In our 4-hour chart, on our chart, which is in the formation of the Rectangular formation, an increase or a decrease can be observed as much as the height of the formation in the direction of the break. There is also a Double Dip formation formation on our 4-hour chart. With the break of the neckline, the bullish movement can go as far as the Rectangular formation’s Ascension Target.
Litecoin: LTC / USD
Our price action continues within the Ending Channel formation formation on our 4-hour chart. On our hourly chart, there is the Rising Wedge formation formation. If the wedge formation breaks down, a drop can be observed up to our Green Support zone (43). By getting support from these levels, the Ending channel can also continue its movement in the formation. If the Ending Channel breaks up in 4 hours, we can observe an upward movement (51 and 55) as much as the height of the formation.
XRP: XRP / USD
There is an Ending Channel formation formation on our 4-hour chart. If an upward break occurs due to the formation, an upward movement can be observed as much as the height of the formation. There is a Rectangular formation formation on our hourly chart. With the upward break of the pattern, a rise can be observed up to our Daily Oblique Resistance level (0.25820). If the rectangular formation breaks down, the decline may continue until the height of the formation (0.22720). If the Ending Channel breaks in volume and closes the candle above it, its target is 0.28000.