BTC, ETH, XRP, XVG, REP, BTG, HNT—Technical Analysis June 9
Bitcoin (BTC) has broken down from a symmetrical triangle.
Ethereum (ETH) is following a descending resistance line.
XRP (XRP) has broken down from a descending parallel channel.
Verge (XVG) is trading inside a short-term ascending parallel channel.
Augur (REP) is following an ascending support line.
Bitcoin Gold (BTG) has been rejected by the $72 resistance area.
Helium (HNT) has bounced at the $11.60 support area.
BTC
On June 7, BTC broke down from a symmetrical triangle and proceeded to reach its lowest close since Jan. 27. The next day, it reached a low of $31,000 before bouncing, creating a long lower wick (green icons) in the process.
There are some bullish reversal signs in place, such as a bullish divergence in the RSI. However, the Stochastic oscillator is close to making a bearish cross once again.
The closest support area is at $27,000, created by the 0.618 Fib retracement level.
In addition, the wave count provides a target between $24,200 and $22,100.
ETH
On May 23, ETH bounced at the $2,050 support area and proceeded to reach a high of $2,910. The high was made inside the 0.382-0.5 Fib retracement resistance level.
Currently, it’s following a descending resistance line. So far this resistance has been validated four times, most recently on June 7 (red icon).
ETH is currently decreasing, attempting to find support in order to create a higher low relative to that of May 23. However, both the MACD and RSI are bearish.
The closest support levels are found at $2,182 and $1,983. These are the respective 0.618 and 0.786 Fib retracement support levels.
XRP
XRP has been moving upwards since bouncing on May 23. It continued to increase until May 26, reaching a high of $1.07.
Since then, it has made two more attempts at breaking out above $1.05, both of which have been unsuccessful.
After the third-and-final rejection on June 3, XRP began to decrease inside a descending parallel channel. It broke down from this channel on June 7 and is in the process of validating it as resistance (red icons).
The main support area is at $0.80. A breakdown below this level could trigger a sharp drop towards the May 23 lows of $0.65.
For BeInCrypto’s latest bitcoin (BTC) analysis, click here.
