Bitcoin (BTC) has moved above another major resistance level and is about to hit its September highs.
Ethereum (ETH) has yet to hit the USD 3,600 resistance area while XRP (XRP) has been rejected from the USD 1.06 horizontal level.
Swipe (SXP) and Decred (DCR) have rebounded from their September 7 lows, but their trends still appear bearish.
THETA (THETA) has broken out of a descending wedge but has yet to recapture the USD 6.90 resistance area.
Siacoin (SC) broke out of a descending resistance line but was rejected by the 0.618 Fib retracement resistance level.
BTC
BTC has moved up since breaking out of a descending resistance line on October 1st. This ended the downward trend that had existed since September 7th.
The move since October 3rd has been particularly bullish as BTC first moved above the USD 47,600 area and then passed the Supertrend resistance line (red icon). The USD 47,600 area is now expected to act as support if BTC returns there while the supertrend has become bullish (green circle).
The Supertrend is an indicator made up of absolute highs and lows, and the fact that it has turned green is a sign of a bullish trend. Before that, it was green throughout the uptrend from July 20th to September 7th.
Likewise, the MACD and RSI are bullish as explained in the more detailed analysis here.
ETH
ETH shows moves that are very similar to BTC. However, there is one notable difference in the fact that it has not yet moved above the major horizontal resistance area of $ 3,600.
Hence, the ETH can be said to reflect the BTC movement with a slight delay.
The movements of the MACD and RSI are also similar to those of BTC, with the difference that the MACD is not positive although its histogram is increasing (green symbol). This means that the short-term trend is increasing faster than the longer-term trend, but has not yet surpassed it.
Today’s move will be interesting as a close below $ 3,386 would create a bearish candle. This would be a bearish sign as the entire October 5th move would be undone by the October 6th decline.
XRP
XRP has risen within an ascending parallel channel since July 22nd. The upside movement initially took XRP above the USD 1.06 resistance area.
However, the upside only proved to be a divergence and was followed by a sharp downward move on October 6th.
As long as XRP is trading within this channel, the short-term move can be viewed as bearish. Parallel channels usually contain corrective moves, which means that the previous trend is likely to resume after the channel completes.
In the case of XRP, the previous trend was down.
DCR
The DCR has been moving below a descending resistance line since September 2nd when it hit a high of $ 186.
While DCR managed to break out on October 3rd, the trend is not yet bullish.
The above technical indicators are all in decline for DCR. The super trend line is bearish (red symbol) and has rejected it. Additionally, the RSI is below 50 and the MACD is negative, indicating a bearish trend.
SXP
The SXP has been trading below a descending resistance line since September 7th. This resulted in a low of $ 1.95 on September 21.
While price has since rebounded, the previous downside was a bearish five-wave impulse. This means that the primary trend is likely to be bearish and the rebound is just a correction in response to that decline.
There is a very strong resistance at $ 2.95 created by the 0.382 Fib retracement resistance level and descending resistance line. Until this line is recaptured, the trend cannot be considered bullish.
THETA
THETA has been gaining weight since September 3rd when it first broke out of a descending wedge. This indicated that the consolidation phase that began on September 7th has ended.
However, it has yet to recapture the $ 6.90 resistance area, which is a requirement for price to move up.
However, as long as the current ascending support line is in place, the trend can be viewed as bullish.
SC
On October 3, SC broke out of a descending line of resistance. It resumed its upward trajectory, hitting a high of $ 0.023 on October 6th.
Despite the sizeable rise, the price action is not bullish.
SC was rejected by the 0.618 Fib retracement resistance level, creating a very long top wick. This is seen as a sign of selling pressure, as the higher prices could not be maintained.
Click here to see BeInCrypto’s previous Bitcoin (BTC) analysis.
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