Be[In]Crypto analyzes the price movement for seven different cryptocurrencies, including Ethereum (ETH), which has reclaimed the $1,020 horizontal support area.
Bitcoin (BTC) has been falling underneath a descending resistance line since the beginning of April. The line caused a rejection on June 5 (red icon), leading to a bottom on June 18.
The price has been increasing since and has created three bullish engulfing candlesticks (green icons). If this leads to an upward movement, the aforementioned resistance line would be at $22,000.
ETH has been moving upwards since June 18. It completed a five-wave upward movement (red) and a correction afterward (highlighted).
On July 1, the price created a higher low above the $1,020 horizontal support area (green icon). The price is moving towards the $1,250 resistance area, a breakout above which could accelerate the rate of increase.
XRP has been falling since it was rejected by the $0.378 resistance area on June 24 (red icon). The area had been previously acting as support and has now turned to resistance. Additionally, it coincides with a descending resistance line.
The downward movement has so far led to a low of $0.30 on June 30. This validated an ascending support line that has been in place since June 18. Whether the price breaks out above the resistance line or falls below the ascending support line will likely determine the direction of the future movement.
Similar to XRP, Alpha Venture Dao (ALPHA) was rejected by the $0.137 resistance area on June 26 (red icon). However, unlike XRP, the upward movement was preceded by bullish divergence in the RSI (green line).
The price created a higher low on July 1 and is now making another attempt at moving towards $0.137. If it is successful, this would be expected to greatly accelerate the rate of increase.
If the upward movement continues, the closest resistance area would be at $1.30.
If ENJ manages to break out from this line, the next closest resistance would be at $0.75.
Between June 15 and July 12, SushiSwap (SUSHI) created a double bottom pattern. The double bottom is considered a bullish pattern, meaning that it leads to upward movements the majority of the time. Additionally, the pattern was combined with bullish divergence in the RSI.
Afterward, SUSHI broke out from a descending resistance line and could potentially increase towards the closest resistance at $1.40 – $1.50. This resistance is created by the 0.5-0.618 Fib retracement resistance levels.
For Be[in]Crypto’s latest bitcoin (BTC) analysis, click here