BeInCrypto takes a look at seven cryptocurrencies, including Ethereum (ETH), which is only $200 below a new all-time high.
Bitcoin (BTC) has been falling since Oct 20, when it reached an all-time high price of $67,016. So far, it has fallen to a low of $59,510, doing so on Oct 24.
The main support level is at $52,350 – $53,350. It is created by the long-term 0.382 Fib retracement support level (black) and the short-term 0.5 Fib retracement support level (white). It is also a horizontal support area.
There is also minor support at $56,600.
Ethereum (ETH) has been moving upwards since reaching a low on Sept 21. So far, it has reached a high of $4,374, doing so on Oct 21.
However, it decreased almost immediately afterwards and created a long upper wick in the process (red icon). This was a sign of selling pressure, since the upward movement could not be sustained and the token decreased below the $4,160 resistance area afterwards.
However, it has begun another upward movement and the close of Oct 25 was the highest of all-time (green icon). This goes a long way in invalidating the previous bearish wick.
ETH is expected to break out and increase considerably afterwards.
On Oct 9, XRP broke out from a descending resistance line. This indicated that the previous downward movement had come to an end.
The token increased until it reached a high of $1.23 on Oct 20, but was rejected by the 0.618 Fib retracement resistance level at $1.20. This is the most common Fib level that acts as resistance.
While XRP has fallen since, it is holding above the $1.04 support area and has bounced twice above it (green icon). This is a sign of buying pressure, since the token has created two long lower wicks.
A breakout above the $1.20 resistance area would greatly accelerate the rate of increase.
Near Protocol (NEAR) has been increasing since Sept 18, when it deviated (red circle) below the $7.20 horizontal area. On Oct 20, it broke out from a descending resistance line, confirming that the correction was complete.
The rate of increase greatly accelerated on Oct 25, when NEAR increased by 28% and broke out above the $10.20 resistance area. The next day, the token reached yet another all-time high price of $13.22.
Polygon (MATIC) has been increasing since breaking out from a descending wedge on Oct 1. This confirmed that the correction in place since Sept 5 had ended.
On Oct 26, MATIC moved above the Sept highs of $1.80.
The next resistance area is all the way at $2.42, created by the all-time high price.
Compound (COMP) has been decreasing inside a descending parallel channel since the beginning of July. Such channels usually contain corrective movements. This means that a breakout from it would be likely.
Since the beginning of Oct, COMP has been hovering around the $300 support area. On Oct 25, it initiated an upward movement and is moving towards the middle of the channel.
The most likely scenario would suggest that a breakout will occur.
Curve DAO Token (CRV) has been increasing at a gradual rate since May 23.
The rate of increase accelerated on Oct 22 and CRV broke out from a long-term descending resistance line on Oct 22.
The next resistance area is at $6.86, created by the 1.61 external Fib retracement level of the most recent downward movement.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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.