{"id":27182,"date":"2020-08-12T19:05:43","date_gmt":"2020-08-12T16:05:43","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=27182"},"modified":"2025-08-26T19:15:42","modified_gmt":"2025-08-26T16:15:42","slug":"cryptocurrency-price-analysis-awaiting-a-new-bullish-impulse","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/cryptocurrency-price-analysis-awaiting-a-new-bullish-impulse\/","title":{"rendered":"Cryptocurrency price analysis: awaiting a new bullish impulse"},"content":{"rendered":"

Leading RoboForex<\/a> analyst Dmitry Gurkovsky explains the potential scenarios for Bitcoin\u2019s price movement and several popular altcoins.<\/p>\n

Cryptocurrencies continue to consolidate ahead of another attempt to develop a bullish impulse.<\/p>\n

On many charts, a “triangle” pattern is forming, with a breakout above its upper boundary implying the continuation of the current trend. However buyers\u2019 reluctance to move higher could raise the likelihood of a downside correction.<\/p>\n

Technically, the market is broadly ready for a continued ascent. Every trend should \u201cbreathe.\u201d Therefore, the current pullback can be viewed as a natural phase of the trend.<\/p>\n

Bitcoin<\/h2>\n

On the daily chart, Bitcoin continues to correct near the important resistance level of $12,150. The nearest support zone sits at $10,605.<\/p>\n

RSI values have nearly tested the support line, which could trigger another attempt at price growth. A minor correction testing the support area at $10,605 cannot be ruled out. After that, one could expect a continuation of the ascent toward a potential target at $13,865.<\/p>\n

The bullish scenario would be invalidated by a break below the lower boundary of the rising channel with the price holding below $10,500. In that case, the downside target could be $8,690.<\/p>\n

\"Cryptocurrency<\/p>\n

Daily chart BTC\/USD<\/a> from TradingView<\/p>\n<\/div>\n

On the 4-hour chart, buyers failed to push the price beyond the local high. The current price action forms a “triangle.” A breakout above its upper boundary with the price holding above $12,150 would signal a continuation of the price rise to the pattern\u2019s height. A good confirmatory signal would be a rebound from the RSI support line. The target for the rally and completion of the pattern is $13,450.<\/p>\n

A scenario invalidation would be a break below the triangle\u2019s lower boundary with the price holding under $10,800. In that case a continuation of the drop toward $9,895 is possible.<\/p>\n

\"4-hour<\/p>\n

4-hour chart BTC\/USD<\/a> from TradingView<\/p>\n<\/div>\n

Ethereum<\/h2>\n

ETH\/USD quotes on the daily chart are again trapped within a triangle. Usually this pattern breaks in the direction of the current trend. Here, however, prices stay above the upper boundary of the ascending channel, which is a strong signal for the continuation of the price rise.<\/p>\n

Confirmation of the idea would be a breakout above the upper boundary of the triangle pattern with the price holding above $420. A second signal in favor of continuing the bullish impulse would be a rebound off the RSI support line, whose previous test triggered a strong price rise.<\/p>\n

\"Ethereum<\/p>\n

Daily chart ETH\/USD<\/a> from TradingView<\/p>\n<\/div>\n

On shorter timeframes, RSI values have twice bounced off the support line, suggesting the formation of a reversal pattern \u201cDouble bottom\u201d on the RSI chart. A breakout of resistance with RSI values above 60 would trigger an attempt to develop a bullish impulse.<\/p>\n

Invalidation of the bullish scenario would be a break below the lower boundary of the rising channel with the price holding below $340. In that case, consider further declines toward $300.<\/p>\n

\"Ethereum<\/p>\n

Daily chart ETH\/USD<\/a> from TradingView<\/p>\n<\/div>\n

Litecoin<\/h2>\n

Litecoin prices on the daily chart remain above the support level, indicating buying pressure and an unwillingness for the market to enter a deeper correction.<\/p>\n

As long as the support area is not breached, consider attempts to move the price upward and the start of another bullish impulse. An additional signal would be a rebound off the RSI support line. A break of $65 would signal a genuine bullish trend toward the $75 target.<\/p>\n

The bullish scenario would be invalidated by a break below the lower boundary of the rising channel with prices below $45, in which case one should consider the continuation of declines toward $40 and below.<\/p>\n

\"Litecoin<\/p>\n

Daily chart LTC\/USD<\/a> from TradingView<\/p>\n<\/div>\n

EOS<\/h2>\n

The cryptocurrency EOS on the daily chart continues to trade above the support level. There is potential for a rebound and continuation of price rise toward the first target at $3.50. An additional signal in favor of this scenario is a rebound from the trend line on the RSI indicator, where after the breakout a new test is likely.<\/p>\n

An invalidation would be a break below the lower boundary of the ascending channel with the price holding below $2.50, in which case one should expect a continuation of the drop toward $2.15.<\/p>\n

\"EOS<\/p>\n

Daily chart EOS\/USD<\/a> from TradingView<\/p>\n<\/div>\n

XRP<\/h2>\n

XRP quotes have again returned below the upper boundary of the rising channel. Bearish pressure remains.<\/p>\n

To continue the rally, it is essential to move above $0.33 again. A test of the RSI support line would be another bullish signal. An invalidation could be a break below the $0.234 support zone, after which the price could drop toward $0.216.<\/p>\n

\"XRP<\/p>\n

Daily chart XRP\/USD<\/a> from TradingView<\/p>\n<\/div>\n

On the lower timeframes, prices correct within an ascending \u201cFlag\u201d pattern. A breakout above the upper boundary of the ascending channel and a price hold above $0.3 would signal the start of an ascent and price action toward $0.36. A bounce off the RSI support line would also support this scenario.<\/p>\n

\"XRP<\/p>\n

4-hour chart XRP\/USD<\/a> from TradingView<\/p>\n<\/div>\n

Invalidation of the bullish variant for buyers could be a break below the lower boundary of the rising channel with the price holding below $0.262. The next downside target would be $0.216.<\/p>\n

Subscribe to ForkLog\u2019s channel on YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Leading RoboForex analyst Dmitry Gurkovsky outlines possible scenarios for Bitcoin and several popular altcoins.<\/p>\n","protected":false},"author":1,"featured_media":27183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[20,480,1253],"class_list":["post-27182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-altcoins","tag-bitcoin-price","tag-technical-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=27182"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27182\/revisions"}],"predecessor-version":[{"id":27184,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27182\/revisions\/27184"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/27183"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=27182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=27182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=27182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}