Bitcoin (BTC) and Ethereum (ETH) have increased since breaking out of short-term resistance levels on March 1, 2021.
XRP (XRP) trades in a range between $ 0.36 and $ 0.63 and is currently very close to the former.
EOS (EOS) broke out of a horizontal area of resistance before returning and may have validated it as support. However, a jump still has to be initiated.
TRON (TRX) and Dash (DASH) have broken out of long-term resistance areas at $ 0.043 and $ 185, respectively, and have thereafter validated them as support.
Similarly, Litecoin (LTC) is in the process of validating the $ 170 area as support.
On March 1, 2021, Bitcoin broke out of a descending wedge and has been moving upward ever since. So far, BTC has hit a local high of $ 50,200 before falling slightly.
The MACD and RSI are both bullish. The former has almost stepped into positive territory while the latter has already risen above 50.
The main resistance range is between $ 50,659 and $ 52,485. A break above this area would confirm that the trend is bullish.
BTC chart from TradingView
Similar to BTC, ETH broke out of a briefly descending resistance line on March 1st and has been moving up since then.
The breakout was preceded by significant bullish divergence in both the RSI and MACD.
Even so, ETH has not yet reached the main area of resistance between the Fib retracement levels of 0.5-0.618 at $ 1,600-1,750.
Until ETH breaks out above the area and confirms it as support, we cannot consider the short-term trend bullish.
ETH chart from TradingView
The XRP has been down since it was rejected from the $ 0.63 resistance area on Feb.22. The XRP hit an actual high of $ 0.65 but created a long top wick and has since moved down.
At press time, XRP was nearing the $ 0.36 support area.
Technical indicators are bearish as the bearish cross on the stochastic oscillator shows and the RSI drops below 50.
TradingView’s XRP chart
EOS has been down since it was rejected from the long-term resistance area of $ 5.50 on Feb. 14.
The decline has taken it to the $ 3.65 area that previously acted as resistance and is now intended to act as support. The area is also the 0.618 fib retracement level from the most recent up move.
Despite the support, EOS was unable to initiate a jump. Additionally, technical indicators are bearish and do not confirm a reversal.
TradingView’s EOS chart
TRX has been down since February 19 when it hit a local high of $ 0.045. The decline hit a local low of $ 0.038 on Feb.23.
Despite the sharp decline, TRX created a lower wick in higher time periods and managed to stay above the $ 0.043 area.
The area used to be a resistance for more than two years but has now been validated as support. As long as TRX is trading above this level, the trend is considered bullish.
Technical indicators support this scenario. The MACD, RSI, and the stochastic oscillator are all increasing.
If TRX manages to clear the $ 0.065 resistance area (0.618 fib retracement level), the next resistance will be at $ 0.10.
TradingView’s TRX chart
The DASH has been down since it hit a high of $ 365 on Feb.19. The decline has brought it back into the $ 185 area. This had previously been a level of resistance since September 2018 until DASH finally broke out in early February 2020.
Hence, the current decline looks like a validation of that level as support.
As long as DASH is trading above this level, the trend is considered bullish. This scenario is also supported by technical indicators, as shown by the bullish cross in the stochastic oscillator
TradingView DASH chart
The LTC has been down since hitting a high of $ 246 on Feb. 18. The decline has taken it to the $ 170 area that previously acted as a resistance. LTC is in the process of validating the area as support.
The MACD and Stochastic Oscillator are rising and the weekly RSI is showing a hidden bullish divergence – a strong sign that the trend is continuing.
As long as LTC trades above this level, it is expected to continue rising towards the previous high at $ 246 and possibly the all-time high resistance area at $ 315.
TradingView LTC Chart
Click here to view the latest Bitcoin (BTC) analysis from BeInCrypto.
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