Exclusive BTC, ETH, XRP, XVG, YFII, ANKR, TRX — Technical Analysis June 24

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In Brief
  • BTC has reclaimed the $31,300 support area.

  • XVG and YFII have created double bottom patterns.

  • ETH/BTC has tested a previous resistance as support.

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Bitcoin (BTC) has reclaimed the $31,300 support area but has not confirmed a bullish reversal.

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Ethereum (ETH) is completing a fourth wave pullback.

XRP (XRP) is holding on above the 1,850 satoshi horizontal support level.

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Verge (XVG) and DFI.Money (YFII) are in the process of creating double bottom patterns inside horizontal support areas.

Ankr (ANKR) has bounced at the support line of a descending parallel channel.

TRON (TRX) is attempting to break out above the $0.063 resistance area.

BTC

BTC has been moving upwards since June 22 after reaching a local low of $28,805. The upward movement was preceded by bullish divergences in both the RSI and MACD and led to a bullish hammer candlestick. This caused a reclamation of the $31,300 horizontal support area.

However, while the divergence has already played out, technical indicators provide a bearish reading. The RSI and MACD are both decreasing. The former is below 50 while the latter is negative. Furthermore, the Stochastic oscillator is close to making a bearish cross (red circle).

The closest resistance is found at $41,500.

BTC Chart By TradingView

ETH

ETH/BTC has been moving downwards since June 8, when it reached a high of ₿0.077. So far, it has reached a local low of ₿0.057 on June 23.

Technical indicators are bearish, supporting a continued downward movement. The MACD is negative and decreasing, the RSI is below 50 and decreasing, and the Stochastic oscillator has made a bearish cross.

It’s possible that the current downward movement is part of a sub-wave C (black) of a fourth wave pullback. If so, ETH could reach a low of ₿0.05 before moving upwards. The target is the 0.618 Fib retracement level and would give sub-waves A:C a 1:1 ratio.

ETH Chart By TradingView

XRP

XRP/BTC has been decreasing since May 19 when it reached a high of 3,909 satoshis. So far, it has reached a low of 1,641 satoshis on June 23.

XRP has rebounded since and is in the process of reclaiming the 1,850 satoshi horizontal support area. Doing so would be a major bullish development.

If not, XRP would likely decrease all the way to 1,400 satoshis. This is the 0.786 Fib retracement support level and would validate a previous long-term descending resistance line.

Technical indicators are still bearish. The MACD is negative, the RSI has fallen below 30, and the Stochastic oscillator has made a bearish cross and is moving downwards.

XRP Chart By TradingView

XVG

XVG has been falling since reaching a high of $0.088 on May 8. On May 13, it reached a low of $0.016 and bounced. The bounce served to validate the $0.021 area as support. This level is the 0.786 Fib retracement support level.

On June 23, XVG returned to the area once more, creating a double bottom pattern. The pattern was also combined with bullish divergences in the MACD, RSI, and Stochastic oscillator. Therefore, an upward movement would be likely.

If so, the next closest resistance levels would be at $0.043 and $0.052. These targets are the 0.382 and 0.5 Fib retracement resistance levels (white).

XVG Chart By TradingView

YFII

On May 19, YFII reached a low of $1,169 and bounced. However, the upward movement could not be sustained and the price fell back to the $1,400 horizontal support level on June 23.

This created a double bottom pattern relative to the price on May 19.

The pattern has also been combined with bullish divergences in the MACD, RSI, and Stochastic oscillator.

If an upward movement occurs, the closest resistance would be between $2,438 and $2,736 — the 0.5-0.618 Fib retracement resistance area.

YFII Chart By TradingView

ANKR

ANKR has been decreasing inside a descending parallel channel since March 28. So far, it has validated the support line of the channel five times (green icons), most recently on June 22.

This initiated a significant upward movement, creating a bullish candlestick the next day.

Currently, ANKR is in the process of reclaiming the $0.075 area and validating it as support.

Technical indicators are providing some bullish signs but not enough to confirm the bullish reversal. A bullish cross in the Stochastic oscillator would go a long way in confirming a bullish trend.

ANKR Chart By TradingView

TRX

TRX has been moving downwards since April 17 after reaching a high of $0.18. It created a lower high on May 7 and accelerated its rate of decrease after.

TRX fell to a low of $0.046 on June 22. It has bounced since and is currently in the process of reclaiming the $0.063 resistance area.

However, despite showing some bullish signs, technical indicators have yet to confirm the possibility of a bullish reversal.

TRX 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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