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Choppy trade in the crypto market earlier in the week is calming down, showing some signs of a sideways mode. Consolidation could be both brief and long-lasting. It is rather hard to predict how long a trend will last in financial markets. Sometimes, it is almost impossible.
The common rule is that a consolidation period, especially a protracted one, is followed by a brisk escape from a trading range.
Bitcoin is still trading between a local low of $48,178.13 (plotted by a red dashed line), which is still serving as support, and resistance of $51,984.83 (61.8% Fibo expansion).
No one dares to predict how long this consolidation will go on. What is certain is that a downward target will be $45,553.17 in case the price exits the trading range downwards and 100% Fibo expansion in case the price leaves the trading range upwards.
Bitcoin Cash is carrying on with a consolidation in the range of $508.94 - $538.35. If the lower border is broken, the price will drop to $489.41 or even deeper to $465.48. Alternatively, if BCH/USD breaks the upper border upwards that will happen on condition of bitcoin's further advance, an upward target is seen at $611.50.
Following yesterday's breakout of 0.4760 plotted by the blue line, Ripple is now consolidating below this level. Technically, the price has some bearish momentum so that Ripple can decline to support of 0.4348. A further move will depend on the overall trend in the crypto market. Either XRPUSD will continue trading sideways or the asset will break one of the borders of a range from 0.4348 to 0.4769.
Ethereum is trading lower after the reversal downwards from resistance of $1,697.27 plotted by the red dashed line in the chart. While declining, ETH/USD seems to have found support at $1,572.74 which is likely to become the lower border of a consolidation range if it remains valid today. Things will clear up tonight whether the price will go on trading sideways or resume its fall.
Litecoin is still trading under low volatility in a range between support of 171.25 and resistance of 186.48. If LTC/USD exits the trading range downwards, the target levels will be the lows of this week. Alternatively, if the price breaches resistance of 186.48, the upward target is expected at 205.25.
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