Bitcoin (BTC) created a bullish engulfing candle on September 14th.
Ethereum (ETH) and SushiSwap (SUSHI) are trying to break out of their parallel descending channels.
XRP (XRP) is trading above the $1.05 horizontal support area.
Hedera Hashgraph (HBAR) reached a new all-time high price on September 15th.
Verge (XVG) may have completed corrective ABC structure.
The curve DAO Token (CRV) broke through from the descending resistance line.
BTC rebounded after hitting a low of $43,400 on September 13th. It created a bullish engulfing candle the next day, as it reached a high of $47,250. The bounce also helped validate the $43,950 area as support. This is the 0.382 Fibonacci retracement support level.
Despite the rebound, the technical indicators are bearish. The MACD is declining and nearly negative, the RSI is below 50, and the Supertrend has turned bearish for the first time since the dip that followed an all-time high in April.
Since September 7, ETH has been trading within a bearish parallel channel. It has been moving upwards since its bounce on September 13th.
The bounce was preceded by bullish divergence in the RSI and MACD. The former has now moved above the 50 level, while the latter is close to crossing into the positive territory.
In the event of a breakout, ETH is likely to encounter a strong resistance at $3,650. This is the 0.618 Fibonacci retracement resistance level and coincides with a descending resistance line.
On September 6, XRP reached a high of $1.42 but fell sharply the next day. Since then, it has been trading above the $1.05 horizontal support area.
While XRP is still trading above the support level, indicators have turned bearish. The RSI and MACD are both falling. The first is also less than 50.
HBAR has been increasing since exiting a descending parallel channel on August 28th. The upward movement accelerated on September 11 and on September 15, HBAR reached a new all-time high of $0.544.
Technical indicators are still bullish as the RSI and MACD are increasing. Also, neither of them generated any bearish divergence.
The nearest resistance area is between $0.60 – $0.64, created by two different Fibonacci levels.
On August 24, XVG broke off from the ascending parallel support.
The decline looks corrective, similar to the ABC structure where waves A:C have a 1:1 ratio. In addition, the RSI and MACD have generated bullish divergences.
Therefore, a rebound from the current level is likely.
On July 25, CRV broke out of the descending resistance line. After initially struggling with the $2.43 resistance area, it successfully broke out on September 14th.
The MACD and the RSI are both rising, supporting the continuation of the bullish movement.
The next closest resistance area was found at $3.70.
Similar to ETH, SUSHI has been trading within a bearish parallel channel since August 21.
On September 7, it rebounded after hitting the channel support line. SUSHI is currently approaching the resistance line, and it is likely that it is preparing to make a breakout attempt.
The RSI and MACD are both rising, supporting the possibility of a breakout. The former is above 50 while the latter is positive.
For the latest Bitcoin (BTC) analysis from BeInCrypto, click here.
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