BTC, ETH, XRP, HBAR, BLZ, XMR, SC — Technical Analysis Aug 24

Bitcoin (BTC) has made a shooting star candlestick close to the $51,200 resistance area.

Ethereum (ETH) has broken out from a descending resistance line and is attempting to move above the $3,373 resistance area.

XRP (XRP) has reclaimed the $1.05 resistance area.

Hedera Hashgraph (HBAR) has broken out from a descending parallel channel.

Bluzelle (BLZ) has moved above the $0.255 resistance area.

Monero (XMR) and Siacoin (SC) have moved above their respective $275 and $0.02 horizontal resistance areas.

BTC

BTC reached a high of $50,500 on Aug 23, almost touching the $51,200 horizontal resistance area and the 0.618 Fib retracement resistance level. 

However, it was rejected and created a long upper wick and a shooting star candlestick. Whether today’s closing is bullish or bearish could have a say in determining the future trend.

There are bearish divergences in both the MACD and RSI. In addition to this, the Stochastic oscillator could soon make a bearish cross.

A breakdown from a short-term ascending support line could trigger a sharp fall.

ETH

On Aug 13, ETH reached a high of $3,327 and decreased. The rejection occurred right at the 0.618 Fib retracement resistance level. 

However, while it initially struggled, ETH broke out from a descending resistance line and validated it as support after (green icon). This is a bullish sign that indicates the price is likely to continue upwards. 

Furthermore, the RSI and MACD both broke their bearish divergence trend lines. 

The next closest resistance area is found at $3,822. This target is the 0.786 Fib retracement resistance level.

XRP

XRP has been moving upwards since July 21. On Aug 13, it broke out from the $1.05 horizontal resistance area and returned to validate it as support four days later (green icon). 

While it has been increasing since then, it has created one lower high so far (red icon). Furthermore, the MACD and RSI are both showing weaknesses.

The next resistance area is found at $1.65 and it’s possible that XRP will trade between these two levels.

HBAR

HBAR had been trading inside a long-term descending parallel channel since March 13 and has been increasing since bouncing on its support line on June 22. 

On Aug 14, it managed to break out from the channel but failed to move above the $0.27 horizontal resistance area. 

However, it’s currently in the process of moving above the area once again. 

Technical indicators in the daily time frame are bullish. Both the MACD and RSI are increasing and the latter is close to moving above 70.

The next resistance area is found at $0.34. 

BLZ

BLZ has been moving upwards since July 20. After an initial rejection on Aug 16, BLZ managed to move above the $0.255 resistance area on Aug 22. 

Technical indicators in the daily time frame are bullish. The supertrend is bullish, the RSI has moved above 70, and the MACD is positive. 

The next closest resistance area is located at $0.39.

XMR 

XMR has been moving upwards since July 20. After initially struggling to move above the $275 resistance area, it was finally successful on Aug 16. 

Currently, it’s attempting to move above the $321 resistance area, which is also the 0.5 Fib retracement resistance level. The next resistance is found at $368. 

Technical indicators in the daily time frame are bullish. The MACD is positive, the supertrend is bullish, and the RSI has just moved above 70.

SC

SC has been moving upwards since creating a higher low on July 20. On Aug 23, it managed to move above the $0.02 horizontal resistance area. 

The next resistance is all the way at the 0.618 Fib retracement resistance level near $0.042. 

Technical indicators are bullish, supporting the possibility that SC will eventually get there.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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