BTC/USD, LTC/USD, XMR/USD, NEO/USD have managed to make significant upside movements during the American and Asian trading sessions. Bulls seem to take control over the market. Midterm downside tendencies were broken as Bitcoin, Litecoin, Monero and NEO prices are rising above the descending trend lines. The situation looks promising for the buyers and they can develop their success in the next several hours.
Bitcoin has started a correction yesterday, which is looking like a complete reversal. BTC price is now above the descending trend line, alerting traders to the possibility of significant short and midterm changes. BTC/USD has entered the Ichimoku cloud during the American and Asian sessions. It is still there and is testing the upper boundary of the formation.
As we can see, there was one Shooting Star during the Asian session, which led the currency pair to a brief decline towards the lower boundary of the Ichimoku cloud. We now have two more Shooting Stars which are able to drive BTC price to the lower side of the formation, as there is a sort of channel trading now, which is natural for such situations when the price is within the Ichimoku cloud.
The lower boundary of the Ichimoku cloud coincides with the $9,200 support line. If Bitcoin price goes there, BTC/USD will test this line and we advise readers to look for candlestick signals close to the support area. If the candles indicate reversal, the price will probably rebound from the support and go upwards. If there are no signals and BTC price falls below the support, BTC/USD will probably move to meet the descending trend line.
There is another scenario, where Bitcoin fails to fall towards the support area and breaks through the upper boundary of the Ichimoku cloud without any further correction. Then, it is going to test the $9,440 area.
As for the daily chart, the midterm picture had no significant changes. However, we can see that the upper boundary of the Ichimoku cloud held BTC price above the formation and there is probability for the development of an upside tendency.
Litecoin followed Bitcoin in its upside tendency as LTC/USD jumped over the descending trend line during the Asian session. LTC price is now close to the lower side of the Ichimoku cloud. If Litecoin tests it successfully, there are more chances for the cryptocurrency to develop its upside tendency. The Ichimoku cloud is rather thin there and Litecoin price will probably meet no significant resistance. The next level to pay attention to in this case is the $165 resistance line.
Another possible scenario is where the bears try to take the initiative. They will attempt to drive LTC/USD lower until the descending trend line, at least. However, this scenario is not the primary one, as bulls are getting stronger and the situation looks promising for them.
LTC price is still below the ascending trend line on the daily chart, but it fails to reach the lower boundary of the Ichimoku cloud. There are some signs that LTC/USD will be able to return above the ascending trend line. If this happens, Litecoin will test the upper boundary of the Ichimoku cloud at midterm.
Monero is still in limbo as bulls and bears are fighting for the descending trend line. XMR/USD went above the trend line during the American session and we have noted this in our latest brief review. However, bulls were unable to hold their positions as bears pushed the currency pair lower.
Monero price has recently tested the lower boundary of the Ichimoku cloud and formed a pin bar. The next candlestick crossed the descending trend line. Now, we are above this line and the Ichimoku cloud. Bulls have regained the initiative and are likely to develop their success in the nearest future.
Monero price is above the $229 resistance line area. The next resistance area is at $235. There is a secondary scenario here. Another possibility is for bears to take the initiative and drive XMR/USD lower. In this case, they have to cross the support line area at $229 and then to successfully test the descending trend line in order to push the price lower.
We are still in the middle of nowhere on the daily chart as XMR price is within the Ichimoku cloud and seems to avoid falling towards the lower boundary of the formation. XMR/USD is below the long-term descending trendline meaning bears are still in total control over the market.
Bulls are trying to regain initiative and there is a probability that XMR price will move towards the $252 resistance level area to test it.
The currency pair jumped over the descending trend line during the American session. It is now close to the $76 resistance line area. This line coincides with the lower boundary of the Ichimoku cloud, which is also a kind of resistance for NEO price.
We think that NEO price will enter the Ichimoku cloud in the nearest future and will test the resistance line (from both sides, probably). NEO/USD looks promising for the bulls as it is higher than the descending trend line. If buyers are able to cross the Ichimoku cloud, they will probably meet the next resistance area at $79.
If bears hold their current positions, they will be able to drive NEO/USD lower towards the descending trend line. However, this scenario is not the primary one as bulls are getting stronger.
The currency pair is also in the middle of nowhere on the daily chart, as NEO stays within the Ichimoku cloud. It fluctuates above the descending trend line. Bears tested this line yesterday but failed to break it. There is a pin bar on the chart signaling that NEO price could go upwards. However, we have the resistance line at $79 area close to the current price position. If bulls are able to cross it, the next target will be the higher boundary of the Ichimoku cloud.
Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!