Bitcoin (BTC) and Ethereum (ETH) are trying to find support between their fib retracement levels of 0.5-0.618.
XRP (XRP) follows a descending resistance line. It is expected to break out.
TRON (TRX) has broken below the $ 0.061 support level but is expected to reclaim it.
Iota (IOTA) has broken out of a descending resistance line.
Neo (NEO) and Cosmos (ATOM) act in parallel ascending channels. You failed to break out of any critical area of resistance.
Bitcoin (BTC)
BTC has been down since hitting an all-time high of $ 61,884. It has since fallen below the $ 57,800 level, which confirms it as resistance.
Currently, BTC is trading just above the USD 52,500-50,250 support area. This area is created by the fib retracement levels from 0.5 to 0.618. A jump is expected at this level.
Technical indicators are undecided. Even so, BTC is expected to hit a new all-time high at some point.
BTC chart from TradingView
Ethereum (ETH)
ETH has been moving down since March 13th when it hit a high of $ 1,943.
Currently, ETH is approaching the main support area of $ 1,618. Not only is this a horizontal support level, but it is the 0.5 fib retracement level of the entire up move.
While there are no clear reversal signs, the short-term RSI has hit oversold territory.
The last time it did so it created a bullish divergence before a significant rally.
Therefore, it is possible that the same thing will occur this time.
ETH chart from TradingView
ETH chart from TradingViewXRP (XRP)
XRP has been rising since February 23 when it hit a low of $ 0.365. So far, it has hit a local high of $ 0.591.
XRP is following a descending resistance line and is currently trading just below it.
Technical indicators are bullish. The stochastic oscillator has made a bullish cross, the MACD has turned positive and the RSI has moved above 50.
Hence, XRP is expected to break out.
The closest area of resistance is at $ 0.63.
TradingView’s XRP chart
TRON (TRX)
On March 20, TRX hit a high of $ 0.06850. This appeared to have caused a breakout above the $ 0.06 resistance area.
Since then, however, TRX has fallen below this level again.
Even so, there is a confluence of Fib support levels near $ 0.054.
It is likely that near these levels, TRX will jump and move upwards. In this case, the next resistance would be at $ 0.08.
TradingView’s TRX chart
The long-term trend remains bullish.
If TRX can clear the resistance at 0.618 fib retracement it could eventually move as high as $ 0.10.
TradingView’s TRX chart
IOTA (IOTA)
IOTA broke out of a descending resistance line that has been in place since February 19th. It also managed to move above the $ 1.55 horizontal resistance area.
Technical indicators support the continuation of the upward movement. Both the MACD and RSI are on the verge of making important crosses. The former is entering positive territory while the latter has exceeded over 70.
The closest area of resistance is at $ 2. A re-test of the $ 1.55 range is ultimately expected.
IOTA chart from TradingView
Neo (NEO)
NEO has been gaining weight since February 22nd. During the ascent, it followed an ascending parallel channel.
This is often a corrective move. Additionally, at $ 46, NEO was unable to move above the 0.618 fib retracement resistance.
Currently, NEO is trading just above the middle of this channel.
A bullish divergence is developing in the short term, so a recovery is expected.
However, the trend cannot be viewed as bullish until NEO breaks out of the channel.
TradingView NEO Chart
Cosmos (ATOM)
Similar to NEO, ATOM acts in a parallel ascending channel.
Unlike NEO, it has fallen to its support line. This is a sign of weakness.
There are short-term deviations that indicate a rebound is likely. However, ATOM is expected to drop out of the channel at some point.
If so, the next support would be found at $ 15.
ATOM diagram from TradingView
Click here to view the latest Bitcoin (BTC) analysis from BeInCrypto.
Disclaimer of liability
All information contained on our website is published in good faith and for general information purposes only. Any action taken by the reader in relation to the information contained on our website is entirely at your own risk.
Comments are closed.