Bitcoin (BTC), Ethereum (ETH) and Aave (AAVE) are trading within bearish parallel channels.
XRP (XRP) is trading above the $1.05 horizontal support area.
Monero (XMR) has broken the ascending support line.
Cosmos (Atom) reached a new all-time high price on September 13th.
ICON (ICX) is trying to break out of the $1.92 resistance area.
Bitcoin has been trading within a descending parallel channel since September 7. Often these channels contain corrective structures.
Furthermore, both the RSI and MACD have generated bullish divergence, which indicates the possibility of a breakout.
If that happens, the nearest resistance levels can be found at $47,850 and $49,050. These are the Fibonacci retracement levels of 0.5 and 0.618, respectively.
Similar to BTC, ETH has also been trading within a bearish parallel channel since September 7.
On September 13, it bounced at the channel’s support line and has been moving upwards since then.
The movement may be forming an irregular flat corrective structure.
If true, ETH could rise to $3,634 – 0.618 Fib retracement resistance level (white). This will also give the ratio of waves A:C and 1:1.61.
XRP has fallen since September 6 after reaching $1.42. It is currently trading just above the $1.05 horizontal support area.
Although still above the support level, the technical indicators are bearish. MACD and RSI are decreasing while the latter is below 50.
Therefore, XRP may decline after a short-term bounce.
XMR was following an ascending support line from July 20th. This resulted in XMR reaching a high of $339.70 on August 24.
However, its price has since fallen. On September 7, it broke off from the support line and proceeded to bottom at $232. The bottom was recorded at the 0.618 Fibonacci retracement support level.
After forming a bullish divergence, it started a bullish movement which is still going on. However, despite the rebound, XMR has to recover the horizontal level of $282 for the short-term trend to be considered bullish.
The AAVE index has fallen inside a descending parallel channel since hitting a high of $443 on August 17.
On September 13, I reached the confluence of support levels (the green circle), which I created:
- channel support line
- $310 for the horizontal support area
- ascending support line (dashed)
In addition to being in a strong support zone, the RSI has generated a bullish divergence and the MACD is moving higher. Since descending parallel channels usually contain corrective structures, a definitive breakout is expected.
ATOM is increasing along with the ascending parabolic support line since June 22nd.
On September 10, the price broke above the $26.80 resistance area and continued to reach a new all-time high at $38.95 three days later.
Technical indicators are not showing any weakness yet and both the RSI and MACD are increasing.
ATOM appears to be in the fifth wave of a bullish impulse, with a possible top target between $45.34-$47.22. The target range was found using the 1.61 external Fibonacci retracement level (black) and wavelength 1.61 for waves 1-3 (orange).
ICX has been on the rise since July 20th. On September 10, it attempted to breach the $1.92 resistance area, but was rejected and created a long upper wick.
However, it is currently making another hack attempt.
The MACD and RSI are increasing, supporting the possibility that the ICX will move above this resistance area. If that happens, the next resistance level will be found at $2.70.
For the latest Bitcoin (BTC) analysis from BeInCrypto, click here.
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