Exclusive BTC, ETH, XRP, ADA, YFI, BZRX, DASH—Technical Analysis April 28

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In Brief
  • ETH reached a new all-time high on April 28

  • XRP has completed a fourth wave pullback.

  • BZRX has broken out from a descending resistance line.

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Bitcoin (BTC) has been rejected by a short-term Fibonacci resistance level.

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Ethereum (ETH) reached a new all-time high price on April 28.

XRP (XRP) has completed a fourth wave pullback while Cardano (ADA) has completed an irregular flat correction.

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Yearn.finance (YFI) has bounced at an important support area.

bZx Protocol (BZRX) has broken out from a descending resistance line and validated it as support afterwards.

Dash (DASH) is trading in a range between $245 and $330.

BTC

BTC has been moving upwards since April 26. However, it was rejected by the 0.5 Fib retracement level (black) at $55,865 on April 27. 

In addition, both the RSI and MACD have generated bearish divergences.

The strongest support area is found at $51,350, which is the 0.5 Fib retracement level of the entire upward movement and a horizontal support area.

The 0.382 and 0.618 Fib retracement support levels are also likely to act as minor supports. 

BTC Chart By TradingView

ETH

On April 28, ETH reached a new all-time high of $,2716. It has decreased slightly since. 

The wave count suggests that it’s in sub-wave five (black) of wave three (orange). Therefore, the most next likely targets for the top of the movement are found at $2,874 and $3280-$3350. The latter range is a confluence of two different Fib levels.

These targets are found using the 2.61 external Fib retracements and a fib projection on sub-waves 1-3.

For a longer-term analysis, click here.

ETH Chart By TradingView

XRP

XRP has been moving downwards since it completed wave three (orange) with a local high of $1.96 on April 14. 

On April 23, XRP bounced at a low of $0.88, likely completing a fourth wave pullback.

The most likely target for the top of the upward movement is located at $2.72. This target was found using a fib projection on waves 1-3. 

XRP Chart By TradingView

ADA

ADA has been decreasing since April 14, when it reached an all-time high price of $1.55. 

The drop took it to a local low of $0.92 on April 23. This potentially completed an irregular flat correction. 

The token has been bouncing since and has reclaimed the $1.05 area as support.

The two most likely targets for the top of the upward movement are found at $1.83 and $2.38. Similar to ETH, this increase would take it to a new all-time high price.

ADA Chart By TradingView

YFI

YFI has been moving downwards since April 19 after reaching an all-time high price of $57,497. The drop took it to the $39,500 area, validating it as support. 

Despite a bearish cross in the Stochastic oscillator, the RSI and MACD are bullish. 

The next closest resistance area is found at $68,450.

YFI Chart By TradingView

BZRX

On March 30, BZRX broke out from a descending resistance line. It proceeded to reach a high of $1.04 on April 17 before decreasing. 

The drop took it back to the previous descending resistance line, validating it as support. Afterward, BZRX reclaimed the $0.65 area, which is now likely to act as support. The entire movement potentially completed a running flat correction.

A potential target for the top of the upward movement is found at $1.28.

BZRX Chart By TradingView

DASH

DASH has been moving downwards since April 17. On April 23, it managed to bounce at the $245 area, validating it as support. 

However, the bounce has not been substantial.

Currently, it’s trading inside a range between $245 and $330. 

Until it breaks out/down from this range, the direction of the trend cannot be determined.

DASH Chart By TradingView

For BeInCrypto’s previous bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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