Crypto price outlook: Bitcoin eyes $14,700

Dmitry Gurkovsky, a leading RoboForex analyst, outlines the possible trajectories for Bitcoin’s price and several popular altcoins.

Over the past week Bitcoin rose more than 23% and rose to a yearly high above $11,400 per coin. The market capitalization of digital assets reached $330 billion. Altcoins are trying to catch up with the flagship, but momentum differs across them.

Bitcoin

With the market’s revival, it is worth examining their dynamics to identify long- and medium-term trends. On the daily timeframe, BTC has broken not only the latest medium-term downward correction channel but also the long-term resistance line. The updating of significant fractal highs allows the market to form a new growth corridor.

The medium-term upside target sits at the resistance line near $13,000. The longer-term scales of movement outline the upper bound and the growth target at $14,700. As support, one may consider $9,745. The Golden Cross on the MACD indicates potential for further trend development. After reaching the target, a pullback toward the support line can be expected.

On the 4-hour BTC/USD chart one can examine in more detail the development of the latest wave of growth after breaking resistance and the appearance of the Golden Cross on the Stochastic indicator. The current growth impulse has paused for a correction, forming in this phase a triangle. If we assess the potential for a corrective decline, after reaching the 23.6% level, quotes may fall to Fibonacci levels 38.2% ($10,508) and 50.0% ($10,227). A signal of the start and continuation of the correction is the Stochastic lines entering the overbought zone followed by a Black Cross.

Ethereum

On the daily timeframe, the ETH/USD market is developing an uptrend within a stable, nearly ideal channel. After a thorough test of the long-term resistance line, it was breached, and the quotes moved into the upper projection corridor, defining medium-term strategic targets in the range of $400–$420. But in the short term, this picture shows that the test of local resistance has equal chances of a rebound or a breakout. Judging by the MACD lines, an upward breakout looks more promising. Short-term support is at $283, with the main support around $250.

On the 4-hour chart ETH/USD, quotes began a correction of the upmove. The corrective phase attempts to form a triangle, but soon the trajectory could change. At present, the first impulse of the corrective decline has reached the 23.6% level. The Black Cross on Stochastic sits in the overbought zone and indicates potential further declines to 38.2% ($293.47) and 50.0% ($281.12). A breakout of the peak at $333.45 would signal the end of the pullback and the start of a move toward $360.

Litecoin

The daily chart of Litecoin shows prices moving out of the previous consolidation channel to the upside, having breached the long-term resistance line. The previously breached level of $47.90 now acts as support. The rising MACD lines provide a confirming factor in favour of further development of the current trend, with the nearest target around $62.50.

LTC/USD on the 4-hour timeframe shows targeted at $61.50, located on the medium-term resistance line. At this stage, quotes halted their ascent at the resistance of the short-term channel, and Stochastic is preparing a Black Cross in overbought territory, which could signal the start of a pullback. The main targets for this pullback could be Fibonacci levels 23.6% ($53.78) and 38.2% ($51.39).

Bitcoin Cash

From a technical analysis perspective, the daily chart of Bitcoin Cash shows the formation of a new uptrend after rebounding from both the long-term and medium-term lines of support. A breakout above the latest correction channel opens a path toward $355, while the breached $255 level now acts as support for the current momentum. If the market has the strength to breach the local resistance and hold above $355, the price could rise to a more significant level — $484, which is resistance on the long-term horizon. Despite MACD lines remaining steadily upward, there is no confirmation yet of a breakout of the current resistance. Long-term support sits at $150.

On the 4-hour BCH/USD chart, the Stochastic enters the overbought zone, indicating an impending pullback, but there is not yet a Black Cross on the indicator; the rise could continue. If a Black Cross appears, the pullback would target Fibonacci levels 23.6% ($279), 38.2% ($267), and 50.0% ($258).

EOS

Analyzing EOS dynamics on the daily timeframe, the uptrend here is slow but steady. Quotes breached the upper boundary of the consolidation and are heading toward the long-term resistance level — $3.42. A break of this level would allow the quotes to rise even higher — to $3.85. After this, one should expect a corrective decline to test the breached long-term resistance line. In the short term, the quotes are attempting to hold above $3.00. However, if this does not happen, the price will fall to local support at $2.70. The steadily rising MACD may serve as a signal for continued growth.

On the 4-hour EOS chart, as with the other instruments’ timeframes, a pullback is approaching. The Stochastic indicator has moved into the overbought zone, which could indicate a deeper correction. Potential pullback targets include Fibonacci levels 23.6% ($2.98) and 38.2% ($2.88). Additional confirmation of a deeper correction would be a drop below $3.00. If the current peak at $3.16 is breached, the price could rise to $3.42.

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