BTC, ETH,XRP ZEC, UMA, NEO, CHZ – Technical Analysis, May 19

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In Brief
  • BTC and ETH have validated the $30,000 and $1,950 levels as support.

  • ZEC is trading in a range between $115 and $200.

  • UMA is attempting to reclaim the $19 area.

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Bitcoin (BTC) has validated the $30,000 area as support.

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Ethereum (ETH) has validated the $1,950 area as support.

XRP (XRP) has bounced at the long-term $0.75 support area.

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Zcash (ZEC) is trading between support and resistance at $115 and $200, respectively.

UMA (UMA) is attempting to reclaim the $19 support area.

NEO (NEO) has bounced at the $40 support area, but is facing resistance at $76.

Chiliz (CHZ) is trading inside a descending parallel channel.

BTC

BTC has been moving downwards since reaching an all-time high price of $64,854, on April 14. The rate of decrease accelerated on May 10.

Today, BTC reached a low of $30,000, validating a support area that was previously last touched in January 2021.

While at one point BTC fell by 31%, it has bounced considerably since, already moving upwards by 25.65%, at the time of writing.

The rate of decrease and ensuing bounce looks similar to what occurred in March 2020.

Chart By TradingView

ETH

ETH has been moving downwards since it reached an all-time high price of $4,380 on May 12. Today, it reached a low of $1,840, before bouncing. This validated the $1,950 area as support. The area acted as resistance during February and March. Once it broke out, ETH increased at a parabolic rate. 

Therefore, the current decrease can still be seen as a resistance/support flip.

So far, ETH has created a long lower wick of 49%.

Chart By TradingView

XRP

XRP has been moving downwards since April 14. The decrease was gradual, but the price decreased considerably today, proceeding to reach a low of $0.75. 

However, it has already bounced by 60%.

In addition, the bounce validated the long-term $0.75 support area. The area acted as resistance in the period from May 2018 to April 2021, before the price finally broke out. 

The main resistance area is found at $1.82, the 0.5 Fib retracement of the previous downward movement.

Chart By TradingView

ZEC

ZEC decreased significantly on May 19. It reached a low of $105 before bouncing. So far, it has increased by roughly 55% since the lows.

The decrease re-tested the $115 area, validating it as support once more. 

The main resistance area is found at $200. Its reclaim would be an extremely bullish development.

Chart By TradingView

UMA

UMA has been decreasing since reaching an all-time high on Feb. 14. 

It initially bounced at the $19 support area, but it allegedly broke down today. Nevertheless, it has yet to reach a daily close below it.

So far, it has increased by 30% since the daily low. 

The $19 area is crucial since it has intermittently acted as both resistance and support. Its reclaim would be an extremely bullish development, indicating that the trend is still bullish. 

Chart By TradingView

NEO

NEO has been moving downwards since reaching an all-time high on May 7. 

Today, it reached a low of $39.63, the lowest price since March 2020. However, it has already created a long lower wick, with a magnitude of 55%. 

The main resistance area is found at $76.

Chart By TradingView

CHZ

CHZ has been decreasing since reaching a new all-time high on March 12. 

The decrease has been choppy and is contained inside a descending parallel channel. This is often a corrective movement. 

Today, it initially fell below the support line. However, it has reclaimed it since, creating a long lower wick. 

If it manages to reclaim the middle of the channel, it would confirm that the corrective structure has ended. 

As a result, new highs would be expected afterwards.

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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