Bitcoin (BTC) had been trading inside an ascending parallel channel since reaching a low on Jan 24. On Feb 8, it managed to break out from this channel and then returned to validate it as support two days later (green icon).
Currently, BTC seems to be in the process of breaking out from a short-term descending resistance line. Doing so would likely lead to an upward movement towards new highs.
However, unlike BTC, it has yet to break out. Recently, it was rejected twice by this resistance line (red icons), on Feb 6 and 9, respectively.
The resistance line of the channel also coincides with the $3,380 horizontal resistance area. Therefore, until ETH manages to break out from it, the trend cannot be confidently considered bullish.
Ripple (XRP) has increased rapidly since reaching a low on Jan 22. So far, it has managed to reach a high of $0.91 on Feb 9. This amounted to an increase of 67% since the aforementioned low.
In the short-term XRP is trading inside an ascending triangle, which is considered a bullish pattern.
Therefore, a breakout from it would be the most likely scenario.
However, it has failed to even reach the resistance line of this channel and is currently trading in its lower portion.
Besides the channel being a bearish pattern, this further supports the possibility that CRV will break down from this short-term pattern.
The Graph (GRT) has been increasing since Jan 24, when it had just reached a low of $0.34. So far, it has increased by 54% since the low.
Despite the bounce, the price is still trading below the $0.57 horizontal area. The area had acted as support since May 2021 before the price broke down on Jan 18.
Until this area is reclaimed, the trend cannot be considered bullish.
Crypto.com Coin (CRO) has been moving upwards since Jan 24, when it had just reached a low of $0.326. So far, it has increased by 62.60%.
The upward movement caused a breakout from a descending resistance line and a reclaim of the $49 horizontal resistance area. This is a strong sign that the correction is now complete.
The next significant resistance area is at $0.64. This is the 0.5 Fib retracement resistance level.
However, BNB was rejected by a descending resistance line on Feb 8 (red icons) and decreased slightly.
A breakout above this line would likely accelerate the rate of increase, and take BNB to the next horizontal resistance at $495.
What do you think about this subject? Write to us and tell us!
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.