Bitcoin (BTC) has broken out of a parallel descending channel.
Ethereum (ETH) and XRP (XRP) are in the fifth wave of their respective bullish impulses.
Near Protocol (NEAR) broke a descending resistance line.
Monero (XMR) is following an ascending support line.
Cocos-BCX (COCOS) trades within a parallel descending channel.
Chromia (CHR) is trading within a rising wedge.
BTC
BTC has declined within a parallel descending channel since August 29. se channels often contain corrective structures.
It bounced to the horizontal support area of $ 46,800 on September 1 and broke out later that day. Both the MACD and the RSI are bullish, giving validity to the breakout.
However, BTC is still trading below the horizontal resistance area of $ 51,200.
ETH
ETH has been on the rise since July 20. While the rally stalled between August 13 and August 31, ETH broke out on the latest date and has been moving higher ever since.
So far, it peaked at $ 3,956 on September 3.
It looks like ETH is in the fifth wave of bullish momentum. Also, it is trading at a Fibonacci target confluence, given by:
- 0.786 Fiber recoil resistance level (white)
- Wavelength one (black)
- 0.382 wavelength 1-3 (orange).
If ETH continues to bullish, the next resistance is likely to be between $ 4,150 and $ 4,254.
XRP
XRP has moved higher since July 20. On August 13, it broke out above the horizontal area of $ 1.05 before validating it as support.
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It consolidated within a symmetrical triangle, which was likely the fourth wave of bullish momentum.
A potential target for the top of the entire bullish move is $ 1.65. target is found using the 0.618 length of waves 1-3. In addition, it coincides with a horizontal resistance zone.
CLOSE
NEAR has been following a descending resistance line since March 13. It broke on August 18 and peaked at $ 6.59 four days later.
However, it moved away from the horizontal resistance area of $ 6.60.
rejection caused it to validate both the horizontal support area of $ 4.66 and the previous resistance line as support.
However, the technical indicators are relatively neutral. Although the MACD is losing steam, it is still positive and the RSI is above 50. Also, the superstrend is bullish.
XMR
XMR has been following an ascending support line since July 20. After breaking out of the $ 283 horizontal resistance area, it again validated it as support on Aug 31 (green icon). touch of the zone also coincided with the rising support line.
Since then, XMR has moved higher. rally is supported by the bullish MACD and RSI. next closest resistance area is at $ 390. This target is the 0.618 Fibonacci Retracement Resistance Level.
COCONUTS
Like BTC before its breakout, COCOS is trading within a parallel descending channel. It has done so since it was rejected by the $ 0.88 resistance area on August 9.
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It is currently trading at the top of the channel and is rapidly approaching the resistance line.
Both MACD and RSI support the possibility of a breakout.
If COCOS manages to break out of both the channel and the $ 0.88 area, the next resistance would be at $ 1.42.
CHR
HRC has been on the rise since July 8. However, it is trading within a rising wedge formation, which is normally considered a bearish pattern.
Furthermore, the wedge resistance line coincides with the horizontal resistance area of $ 0.60.
refore, while CHR may rise and reach this resistance, a breakout seems unlikely at this point.
For the latest Bitcoin (BTC) analysis from BeInCrypto, click here.
Disclaimer
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