BTC, ETH, XRP, ZEC, AVAX, COMP, AXS – Technical Analysis Sept 22

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In Brief
  • BTC and ETH have completed corrective structures.

  • XRP and ZEC are following descending support lines.

  • AXS is in the process of breaking out from a descending resistance line.

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Bitcoin (BTC) and Ethereum (ETH) have possibly completed A-B-C corrective structures.

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XRP (XRP) and Zcash (ZEC) are following descending support lines.

Avalanche (AVAX) reached an all-time high price on Sept 19.

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Compound (COMP) is trading inside a descending parallel channel.

Axie Infinity (AXS) is following a descending resistance line.

BTC

BTC broke down below the $44,000 horizontal area on Sept 20 and reached a low of $39,573 the next day.

However, it has bounced since and is in the process of validating the 0.5 Fib retracement support level at $40,800 as support. A daily close above this area would be required in order to do so. 

Despite the ongoing bounce, technical indicators are bearish. Both the MACD and RSI are falling and the Supertrend line is bearish.

Besides the $40,800 area, there is stronger support at $38,000. This is both a horizontal support area and the 0.618 Fib retracement support level.

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ETH

ETH has been falling since reaching a high of $4,027 on Sept 3. The decrease initially accelerated on Sept 7, and after a brief corrective bounce, it resumed on Sept 16. 

On Sept 21, ETH reached a low of $2,652. The low was made right at the 0.618 Fib retracement level (white) and gave waves A:C a 1:1 ratio. Decreasing since Sept 3 after it reached a high of $4,027. The decrease appears to have taken the shape of a descending, parallel channel.

On Sept 21, ETH reached a low of $2,807 and bounced, creating a long lower wick. The low was made right at the 0.5 Fib retracement support level (white). Furthermore, it gave waves A:C an exactly 1:1 ratio. 

Therefore, it is possible that the token has reached it’s low.

Chart By TradingView

XRP

XRP has been falling since it reached a high of $1.41 on Sept 6. On Sept 19, it broke down below the $1.05 horizontal area which had been acting as support since Aug 16.

On Sept 22, XRP bounced after touching a descending support line. The line also coincided with the 0.618 Fib retracement support level. In addition to this, the RSI has generated bullish divergence and the MACD has made one higher momentum bar. 

However, the $1.05 area is now expected to act as resistance, and until that is reclaimed, the trend cannot be considered bullish.

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ZEC

ZEC has been decreasing since Sept 6. Similarly to XRP, it is following a descending support line, which it validated on Sept 21 (green icon).

The line also coincided with the $105 horizontal support area. 

However, technical indicators in the daily time-frame are still bearish, since both the RSI and MACD are decreasing.

Chart By TradingView

AVAX

On Sept 19, AVAX reached a new all-time high price of $76.19. The high was made right at the 1.61 external Fib retracement resistance level when measuring the most recent drop.

After both the RSI and MACD generated bearish divergence, the token dropped towards $60. On Sept 21, it validated the previous all-time high level of $59 as support. 

As long as it managed to hold on above this level, the trend can be considered bullish. The next resistance is at $102.

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COMP

COMP has been moving downwards since July 6. On Sept 6, it created a lower high and resumed its downwards movement at an accelerated rate. This led to a low of $301 on Sept 21.

The low was made right at the support line of the descending channel and the $300 horizontal support area. In addition to this, it gave waves A:C an exactly 1:1 ratio. 

Therefore, it is possible that the correction is complete and COMP will now move upwards.

Chart By TradingView

AXS

AXS has been following a descending resistance line since Sept 4. This led to a low of $48.1 on Sept 21. 

Afterwards, it bounced sharply and is now in the process of breaking out from this descending resistance line. The upward movement was preceded by bullish divergence in the RSI. 

The line also coincides with the $62.50 horizontal resistance area. If AXS manages to clear this horizontal and diagonal resistance, it would mean that the low is in. In that case, the next resistance would be at $77.

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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