BTC, ETH, XRP, HBAR, XVG, CRV, SUSHI — Technical Analysis Sept 15

Bitcoin (BTC) created a bullish engulfing candlestick on Sept 14.

Ethereum (ETH) and SushiSwap (SUSHI) are attempting to break out from descending parallel channels.

XRP (XRP) is trading above the $1.05 horizontal support area.

Hedera Hashgraph (HBAR) reached a new all-time high price on Sept 15.

Verge (XVG) has potentially completed an A-B-C corrective structure.

Curve DAO Token (CRV) broke out from a descending resistance line.

BTC

BTC bounced after reaching a low of $43,400 on Sept 13. It created a bullish engulfing candlestick the next day, going to a high of $47,250. The bounce also served to validate the $43,950 area as support. This is the 0.382 Fib retracement support level.

Despite the bounce, technical indicators are bearish. The MACD is decreasing and is almost negative, the RSI is below 50, and the Supertrend has turned bearish for the first time since the drop that followed the April all-time high.

ETH

Since Sept 7, ETH has been trading inside a descending parallel channel. It has been moving upwards since bouncing on Sept 13.

The bounce was preceded by bullish divergences in the RSI and MACD. The former has now moved above 50 while the latter is close to crossing into positive territory.

If a breakout occurs, ETH would likely face strong resistance at $3,650. This is the 0.618 Fib retracement resistance level and it coincides with a descending resistance line.

XRP

On Sept 6, XRP reached a high of $1.42 but fell sharply the next day. Since then, it has been trading just above the $1.05 horizontal support area. 

While XRP is still trading above support, indicators have turned bearish. Both the RSI and MACD are falling. and the former is also below 50.

HBAR

HBAR has been increasing since breaking out from a descending parallel channel on Aug 28. The upward movement accelerated on Sept 11 and on Sept 15, HBAR reached a new all-time high price of $0.544. 

Technical indicators are still bullish since the RSI and MACD are increasing. Also, neither has generated any bearish divergence.

The closest resistance area is between $0.60-$0.64, created by two different Fib levels.

XVG

On Aug 24, XVG broke down from an ascending parallel support. 

The decrease looks corrective, resembling an A-B-C structure in which waves A:C have a 1:1 ratio. In addition to this, both the RSI and MACD have generated bullish divergences. 

Therefore, a bounce from the current level would be likely.

CRV

On July 25, CRV broke out from a descending resistance line. After initially struggling with the $2.43 resistance area, it successfully broke out on Sept 14. 

Both the MACD and RSI are increasing, supporting the continuation of the upward movement. 

The next closest resistance area is found at $3.70.

SUSHI

Similar to ETH, SUSHI is trading inside a descending parallel channel since Aug 21.

On Sept 7, it bounced after reaching the support line of the channel. SUSHI is currently approaching the resistance line, potentially getting ready to make a breakout attempt. 

The RSI and MACD are both increasing, supporting the possibility that the breakout will happen. The former is above 50 while the latter is positive.

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

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