By Dmitriy Gurkovskiy, author at RoboForex Blog
On Friday, December 27th, the activity shrunk to a minimum. The leading cryptocurrency is trading at $7181.00 and declining slightly.
Judging by the dynamics on D1, market participants are aimed at 76.0% ($5700.00) but stopped yet near 61.8% Fibo. At the decline, there is a convergence on the MACD, which may signal a pullback but only after the target level is reached. As the target level for the pullback, we may regard the resistance line of the current channel and 50.0% ($8500.00). However, the main goal of the declining wave is the yearly fractal low of $3121.90.
On H4, there is a correctional declining movement after an impulse of growth. A Black Cross has formed on the Stochastic, and the lines have escaped the overbought area. The declining wave has reached 38.2% and may fall to 50,0% ($7057.40) and 61.8% ($6910.00) Fibo. The resistance is at the local peak of $7687.30. A breakout of the current low of $ 6430.30 will signal the predominance of the current trend.