Bitcoin (BTC) has risen after a double floor was created.
Ethereum (ETH) has moved out of the horizontal support area of $ 1,750.
XRP (XRP) has created a double bottom, but has yet to initiate an upward movement.
DFI.Money (YFII) has regained the USD 2,120 area and confirmed it as support.
Decred (DCR) created a triple bottom.
Polygon (MATIC) moves along a descending line of resistance.
THORChain (RUNE) has bounced off the support area of $ 3.80.
BTC
BTC hit a low of $ 29,296 on July 20, but rebounded shortly afterwards. It is likely that the movement is an ABC flat correction structure. If so, BTC is currently in wave C.
The previous decline is not the same as a bearish impulse as the downward movement is slow and unsteady. Hence, it is likely that it is an adjustment structure.
The two most likely targets for the spike of the upside move are $ 37,278 and $ 42,181. The first gives them a 1: 1 ratio of A: C while the second gives them a 1: 1.61 ratio.
The wave count will be invalidated if the July 20th low of $ 29,279 is broken.
For a more detailed analysis of the wavenumbers, click here.
BTC / USDT 6-hour chart | Source: TradingView
ETH
ETH has fallen along with a descending resistance line since June 2nd. It hit a low of $ 1,720 on June 22nd and 26th and ricocheted off, creating two long wicks underneath.
However, it was rejected by the descending resistance line shortly afterwards and has been falling since then.
On July 20, it hit a low of $ 1,717. The low is linked to bullish divergences in the MACD, RSI and the stochastic oscillator.
A jump took place on July 21st and ETH is in the process of creating a bullish engulfing candle.
One descending resistance line is at $ 2,200 while the next resistance area is at $ 2,850.
ETH / USDT daily chart | Source: TradingView
XRP
XRP has fallen along with a descending resistance level since May 20th. It hit as low as $ 0.50 on June 22nd and bounced back.
However, the price failed to cross the descending resistance line and was again rejected on July 12th.
On July 20th, XRP hit a low of $ 0.515, creating a double bottom similar to BTC. This pattern is also linked to bullish divergences in the MACD and RSI.
However, XRP has yet to initiate an upward move. If it breaks out, the next resistance will be found at $ 0.80.
XRP / USDT daily chart | Source: TradingView
YFII
YFII has been rising since May 19th and hit a higher low on June 22nd.
On July 5th, the price broke above the resistance area of $ 2,120 and confirmed it as support a few days later (green symbol).
Even so, YFII was rejected from the $ 2,660 resistance area on July 20th.
Technical indicators remain bullish, suggesting that YFII will eventually make another breakout attempt.
Daily YFII / USDT Chart | Source: TradingView
DCR
DCR has created a triple bottom within the $ 95 horizontal support area.
The lows were reached on May 23, June 22 and July 20.
In addition, the two most recent lows are combined with bullish divergences in the MACD and RSI.
DCR is still trading along a descending resistance line, currently at $ 130.
If it breaks out, the next resistance will be found at $ 175.
DCR / USDT daily chart | Source: TradingView
MATIC
MATIC has been bearish since May 18, along with a descending resistance level, after hitting a high of $ 2.70. So far, on July 20, it has hit just $ 0.62.
While the technical indicators are still falling, MATIC is about to break this descending resistance line.
If successful, the next resistance is found at $ 1.42. That target is the 0.382 fibonacci retracement resistance.
MATIC / USDT daily chart | Source: TradingView
RUNE
RUNE has been down since July 7th after being rejected by the $ 7 resistance area (red icon).
It hit a low of $ 3.01 on July 20 and rebounded significantly. The jump confirmed the USD 3.60 support area.
If the positive move continues, RUNE will likely retest the $ 7 area.
Daily RUNE / USDT chart | Source: TradingView
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.
SN_Nour
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