Bitcoin (BTC) is making another attempt to break out of the USD 40,550 resistance area.
Ethereum (ETH) and XRP (XRP) have broken out of descending resistance lines after creating double floors.
Zcash (ZEC) has broken out of a descending resistance line but failed to initiate any significant upward movement.
DFI.Money (YFII) is trying to move above the USD 2,660 resistance area.
Dego Finance (DEGO) has recaptured the USD 8 resistance area.
Theta Token (THETA) is trying to break out of a descending resistance line.
BTC has been up since July 20th. It hit the resistance area of $ 40,550 on July 26 and was rejected, creating a long top wick.
However, another attempt is currently being made to break out of the $ 40,550 resistance.
Technical indicators are bullish. The stochastic oscillator has formed a bullish cross and the RSI is above 50. In addition, the MACD is rising even if it is not yet positive.
Hence, an eventual outbreak is likely.
TradingView’s BTC chart
ETH created a double floor sample on June 26th and July 20th. The pattern was created within the horizontal support area of $ 1,760. In addition, it has been combined with bullish divergences in the MACD, RSI and Stochastic Oscillator.
Since then the RSI has moved above 50 and the stochastic oscillator has formed a bullish cross.
Following this, ETH broke out of a descending resistance line and confirmed it as support.
The next area of resistance is at $ 2,850.
TradingView’s ETH chart
Similar to ETH, XRP formed a double floor on June 22nd and July 20th. In addition, the pattern has been combined with numerous bullish divergences.
XRP has now managed to break out of a descending line of resistance that had existed since Sept.
The closest resistance area is found at $ 0.80. That target is the 0.382 fib retracement resistance level.
TradingView’s XRP chart
The ZEC has followed a descending resistance line since May 20th. This resulted in a low of $ 83.02 on July 20th. While the low was combined with a bullish divergence in the MACD, the RSI and the stochastic oscillator were still bearish.
The ZEC has since broken out of the descending resistance line, but has not yet made any significant upward movement.
The next area of resistance would like to hit at $ 130.
TradingView’s ZEC chart
YFII has been moving up since May 19th and hit a higher low on June 22nd.
It then broke above the $ 2,100 resistance area and confirmed it as support from July 11-14 (green icons).
It is currently trying to break out of the $ 2,650 resistance area. Despite some weaknesses, the technical indicators are still bullish.
Hence, an eventual breakout leading YFII towards $ 3,200 would be likely.
TradingView’s YFII chart
DEGO has followed a descending resistance line since March 14th. It made four unsuccessful attempts to escape, the last one on July 15.
However, it was successful in moving across the line on July 23rd. Shortly thereafter, it regained the horizontal resistance area of $ 8 and confirmed it as support. This was followed by a bullish engulfing candlestick (green symbol) on July 27th.
The next area of resistance is at $ 19.
DEGO chart from TradingView
THETA has been stuck below a descending resistance line since April 16. So far it has been rejected by this line four times, most recently on July 26th (red symbol).
However, THETA has been rising since July 20, which led to the aforementioned rejection. In addition, technical indicators are bullish and support the likelihood of a breakout.
If one occurs, the next area of resistance would be found at $ 9.70. This is the 0.5 fib retracement resistance value.
TradingView’s THETA chart
Click here to view BeInCrypto’s latest Bitcoin Analysis (BTC).
Disclaimer of liability
All information contained on our website is published to the best of our knowledge and belief and only for general information purposes. All actions of the reader in relation to the information on our website are entirely at your own risk.