The major uptrend we have experienced since February 5th has been strong, powerful and convincing. But we can’t always have rising prices. In fact, we don’t want to have continuing growth in prices. We want integrity in the move of these currencies. Part of that involves pricing falling and then finding buyers; we call that finding support. The weekend is where we will find the most probable scenarios of seeing prices falling, but where will price go and how low will it go?
1. Litecoin has had, arguably, the best rise and increase since the bear trend in December. A great majority of the dips and pullbacks since it’s breakout have been bought up and bought very quickly. However, we are quite extended on a number of measurements, oscillators and time factors. We should expect some kind of pullback. The lowest area I have forecasted for this pullback area is the $190 value area. We can expect to see some higher prices, too. If we get a pull back to the 190 value area between Friday afternoon and Saturday afternoon, we should expect to see a very realistic rise towards the $250 value area.
1. The big brother of all the cryptocurrencies is Bitcoin. It’s trend is the most important in the entire cryptocurrency asset class. Litecoin was the first to enter a breakout and Bitcoin was second. It is very understandable and healthy that we have been trading around the $10,000 value area. It would also be healthy to retest the value areas below $10,000 to collect more buyers who missed the rise from $8k-$9k. The downside risk should be limited to the 9600 value area. However, there is an argument and a scenario for testing the 8800 value area, but that is more unlikely given the current strength of this trend.
1. Ethereum is the one major coin that we have to really watch for. It has the highest amount of downside threat. However, Ethereum has also not exhibited a breakout move yet. Its long-term trendline is still in front of it and needs to be broken. Ethereum is considered to be a lagger when compared to Bitcoin and Litecoin. This can mean a few things for Ethereum and the rest of the cryptocurrency asset class. First, it could mean that Ethereum will be first to take a plunge down to the 850-860 value area before making another move up. Second, and the most probable, is that Ethereum will remain within this value area until it reaches its downtrend line in the next couple days. Ethereum could be the final catalyst for cryptocurrencies to continue moving higher.