Exclusive BTC, ETH, XRP, CRV, CHZ, XMR, SHIB — Technical Analysis June 16

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In Brief
  • BTC has reached resistance at $41,250.

  • ETH is trading inside a symmetrical triangle.

  • CRV and SHIB have broken out from descending resistance lines.

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Bitcoin (BTC) has reached the $41,250 resistance area. 

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Ethereum (ETH) is trading inside a symmetrical triangle.

XRP (XRP) is following a descending resistance line.

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Curve DAO Token (CRV) and SHIBA INU (SHIB) have broken out from descending resistance lines.

Chiliz (CHZ) is attempting to reclaim the $0.38 resistance area.

Monero (XMR) is following an ascending support line.

BTC

BTC increased all the way to $41,330 yesterday before decreasing slightly. It made a high right at the $41,250 resistance area created by the 0.382 Fib retracement level.

Technical indicators in the daily time frame are bullish. The MACD, RSI, and Stochastic oscillator are all increasing. The MACD is positive, the RSI is above 50, and the Stochastic oscillator has made a bullish cross.

The next resistance is found at $44,755. This target is the 0.5 Fib retracement level.

In the most likely scenario, BTC is in wave four of a bearish impulse.

BTC Chart By TradingView

ETH

ETH has been decreasing alongside a descending resistance line since reaching a high of $3,017 on May 19. So far, the line has rejected ETH five times (red icons). 

On May 30, it bounced at the 0.618 Fib retracement support level at $2,182 (green icon). It created a higher low on June 12, potentially creating an ascending support line. This would create a symmetrical triangle pattern.

The short-term MACD and RSI are bullish/neutral. While the MACD is positive and the RSI is above 50, neither has shown much strength.

A breakout from the triangle would likely take ETH to $3,368, the 0.618 Fib retracement resistance level. It’s possible that the longer-term trend is still bearish.

ETH Chart By TradingView

XRP

Since May 20, XRP has made three unsuccessful breakout attempts above the $1.04 area. 

On June 1, it made a local high at $1.10. However, the higher prices could not be sustained and XRP has been decreasing alongside a descending resistance line since. 

The main support area is found at $0.80. Along with the descending resistance line, this created a descending triangle, which is normally considered a bearish pattern.

Technical indicators are neutral.

Therefore, at the current time, we cannot confidently determine whether XRP will break out above the descending resistance line or break down below the $0.80 area.

XRP Chart By TradingView

CRV

CRV has been moving upwards since reaching a low on May 23. It broke out from a descending resistance line on June 1 and reached a high of $2.90 four days later.

It has been gradually falling since, in a movement that looks corrective. Conversely, the preceding upward movement looks like a five-wave bullish impulse.

There is support at $1.98 and $1.76 — the 0.5 and 0.618 Fib retracement support levels. CRV is likely to find support at one of these levels and resume its upward movement.

CRV Chart By TradingView

CHZ

CHZ has been decreasing inside a descending parallel channel since May 12. It reached its support line on May 23 and began to rebound. 

Technical indicators are bullish, supporting the continuation of the upward movement. The MACD has just turned positive, the RSI is above 50, and the Stochastic oscillator has made a bullish cross (green icons).

CHZ is currently attempting to move above the midline of the channel and the $0.38 resistance area. Doing so would confirm that the trend is bullish.

In that case, an eventual breakout would be expected.

CHZ Chart By TradingView

XMR

XMR has been increasing alongside an ascending support line since reaching a low on May 19.

So far, it has managed to reach a high of $329, but has been twice rejected by the $304 resistance area. 

Nevertheless, the ascending support line and aforementioned resistance area create an ascending triangle, which is normally considered a bullish reversal pattern. In addition, the MACD and RSI support the possibility of a breakout. 

If one occurs, the next resistance would be found at the 0.618 Fib retracement level of $385.

XMR Chart By TradingView

SHIB

SHIB has been falling alongside a descending resistance line since May 19. After three unsuccessful attempts, it finally managed to break out on June 15. It’s currently in the process of validating the line as support (green icon). 

The next closest resistance area is found at $0.000015.

SHIB Chart By TradingView

For BeInCrypto’s latest 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 discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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