Ethereum (ETH) emerged from the horizontal support area of $ 1,860, completing an initiation crossover.
Litecoin (LTC) is trading along a descending resistance line and trading below the horizontal resistance area of $ 146.
Cardano (ADA) has moved along a long term ascending support line and broken above the short term descending resistance line.
ETH has been up since June 22nd when it hit a low of $ 1,700. It hit a higher low on June 26th before resuming its uptrend.
This is the fourth time since May 19 that ETH has hit a low within the $ 1,860 horizontal support area.
On July 7th, ETH peaked at $ 2,409 before falling. This movement will likely complete an initial diagonal wave. Crosses usually have a strong retracement, allowing the USD 1,860 support area to be retested. It also coincides with the 0.786 Fib retracement support.
After that, the ETH should rise. The next resistance is at $ 2,880.
ETH / USDT 4-hour chart | Source: TradingView
ETH / BTC has been up since June 27 when it hit a low of 0.055. It is possible that the low completed a pullback on wave 4.
It hit a high of ₿0.069 so far on July 7th.
Technical indicators are rising even though their strength is weakening. MACD & RSI are at 0 and 50 lines respectively, the values are close to the neutral level. The stochastic oscillator has created a bullish cross and is moving up.
Potential targets for the top of the overall move up are ₿0.091 and ₿0.114.
ETH / BTC daily chart | Source: TradingView
- ETH is trading above the $ 1,860 horizontal support area.
- It completed a first wave of crossovers.
LTC has been falling since May 10th and has been following a descending resistance line since May 20th. It hit a low of $ 104.92 on June 22, but the price has rallied and has been rising ever since.
It is currently about to break above the aforementioned descending resistance line and the horizontal resistance area of $ 148.
Technical indicators are on the rise, which supports the possibility of an outbreak of LTC. If so, the next resistance will be at $ 223.
LTC / USDT daily chart | Source: TradingView
Similar to the USD pair, LTC / BTC has been moving along a descending resistance line and has been since the 10th.
It hit a double floor on June 22nd and has risen since then.
Technical indicators support the continuation of the uptrend and a possible breakout. If so, the closest resistance is at ₿0.005.
LTC / BTC daily chart | Source: TradingView
- LTC is moving along the descending resistance line.
- There is resistance at $ 148.
ADA has been moving along the rising support line since early February. This resulted in an all-time high of $ 2.47 which was hit on May 14th.
Since then, the token has been falling along with a descending (dotted) resistance line. It broke above this line on June 28 and continued to hit a high of $ 1.49 on July 4th.
Technical indicators remain neutral but sloping upwards. The stochastic oscillator has created a bullish cross, but the MACD and RSI are below 0 and 50, respectively, although both are moving up. However, the trend can be viewed as bullish as long as ADA is trading above this support line.
The next resistances are at $ 1.56 and $ 1.73, respectively. These are the 0.382 and 0.5 Fib retracement resistor values.
Daily ADA / USDT Chart | Source: TradingView
ADA / BTC has been falling into a symmetrical triangle since May 16. It bounced off the triangle’s support line on June 22nd and July 12th and is currently in the center of the pattern.
Although the symmetrical triangle is considered a neutral pattern, it reappears after an upward movement. In addition, the technical indicators are rising. Hence, the chance of an outbreak is higher.
In this case the next resistance would be 4700 satoshis.
Daily ADA / BTC chart | Source: TradingView
- ADA moves along an ascending line of support.
- ADA / BTC trades in a symmetrical triangle.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Beincrypto