Bitcoin (BTC), Ethereum (ETH) and Aave (AAVE) trade in descending parallel channels.
XRP (XRP) is trading above the horizontal support area of $ 1.05.
Monero (XMR) is broken by a rising support line.
Cosmos (ATOM) hit a new all-time high on September 13th.
ICON (ICX) is trying to break out of the $ 1.92 resistance area.
BTC has been trading in a descending parallel channel since September 7th. Such channels often contain corrective structures.
Additionally, both the RSI and MACD have created bullish divergences, a sign that a breakout is likely.
If one did occur, the next levels of resistance would be found at $ 47,850 and $ 49,050. These are the 0.5 and 0.618 Fib retracement resistance values, respectively.
Similar to BTC, ETH has also been trading on a descending parallel channel since September 7th.
It ricocheted off the channel’s support line on Sept. 13 and has been moving up since then.
The movement can form an irregular flat correction structure.
If so, ETH could rise as high as $ 3,634 – the 0.618 Fib retracement resistance level (white). This would also give waves A: C a ratio of 1: 1.61.
XRP has been bearish since September 6th after hitting a high of $ 1.42. It is currently trading just above the $ 1.05 horizontal support area.
While still above support, the technical indicators are falling. Both the MACD and RSI are falling, and the latter is below 50.
Hence, XRP can fall after a short-term upturn.
XMR followed an ascending support line starting July 20. This caused XMR to hit a high of $ 339.70 on August 24th.
However, since then the price has dropped. It broke from support on September 7, hitting a low of $ 232. The low was reached directly at the support level of the fib retracement of 0.618.
After creating a bullish divergence, an upward move began and is still ongoing. However, despite the rebound, XMR needs to recapture the $ 282 horizontal level for the short-term trend to be viewed as bullish.
AAVE has been down within a descending parallel channel since hitting a high of $ 443 on August 17th.
On September 13th, it reached a confluence of support levels (green circle) created by:
- Support line of the channel
- $ 310 horizontal support area
- An ascending line of support (dashed)
In addition to being in strong support, the RSI has created a bullish divergence and the MACD is moving up. Since descending parallel channels usually contain corrective structures, an eventual breakout is expected.
ATOM has been rising along a parabolic ascending support line since June 22nd.
It broke above the resistance area of $ 26.80 on September 10 and hit a new all-time high of $ 38.95 three days later.
Technical indicators are not showing any weakness yet and both the RSI and the MACD are rising.
It appears that ATOM is on the fifth wave of a bullish impulse with a possible target for the top of the move between $ 45.34 and $ 47.22. The target area is determined using the external fib retracement level of 1.61 (black) and the length of waves 1-3 (orange) of 1.61.
The ICX has been up since July 20th. On September 10th, it attempted to break out of the $ 1.92 resistance area but was refused and produced a long top wick.
However, another attempt to break out is currently being made.
Both the MACD and RSI are rising, which supports the possibility that the ICX will move above this resistance area. If so, the next resistance level would be found at $ 2.70.
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