Bitcoin (BTC) is approaching its all-time high while trading within a parallel channel.
Ethereum (ETH) has cleared a crucial short-term area of resistance, indicating it is likely to go higher. It has the potential to hit a new all-time high.
XRP (XRP) is trading in a range between $ 0.36 and $ 0.63 and is currently moving towards the latter.
While the long-term outlook for IOTA (IOTA) and TRON (TRX) is bullish, they trade within short-term bearish patterns and resistance areas.
Litecoin (LTC) has reclaimed the $ 177 area that previously acted as resistance.
Monero (XMR) has rallied in strong support, but the upside that followed has been weak.
Bitcoin (BTC)
Bitcoin has been rising since February 28 when it hit a local low of $ 43,000. The upward movement has since taken the form of a parallel ascending canal.
Today BTC broke out above the middle of the channel for $ 52,000.
Hence, Bitcoin is expected to increase at least until it reaches the top of the parallel channel.
BTC chart from TradingView
Ethereum (ETH)
ETH has been gaining momentum since it rose to the support level of $ 1,400 on Feb.28. While the uptrend was gradual at first, the rate of increase has accelerated over the past three days.
Currently, ETH has moved above the 0.618 fib retracement of the previous decline. This is a sign that the upward movement is not corrective, but rather the beginning of a new impulse.
This is supported by several technical indicators. The MACD has given a bullish reversal signal and the RSI has moved above 50.
A possible bullish cross in the stochastic oscillator would likely confirm that the trend is bullish.
A breakout above the all-time high in February would lead ETH to set prices. Hence, the closest resistance range target would be at $ 2,500.
ETH chart from TradingView
ETH chart from TradingViewXRP (XRP)
The XRP has been down since February 22nd when it hit a local high of $ 0.65.
The decline brought XRP back to the $ 0.36 support area, where it ricocheted off on Feb.23.
Currently, XRP is trading in the middle of the $ 0.36-0.63 range. The technical indicators are gradually becoming bullish so an upward move towards USD 0.63 is expected.
TradingView’s XRP chart
TradingView’s XRP chartTRON (TRX)
The longer term time frames for TRX look bullish and are showing a retest of a long term resistance area.
However, the six hour chart shows that TRX is trading within an ascending wedge. This is usually thought of as a bearish reversal pattern.
Additionally, TRX is trading right at the 0.618 Fib Retracement level of the previous decline.
Therefore, a short-term drop could occur before the upward move resumes.
TradingView’s TRX chart
Litecoin (LTC)
On February 23 and 28, LTC created two long bottom wicks below the USD 137 support area. However, it recaptured the area afterwards and moved upwards.
While the technical indicators have been bullish, LTC has yet to hover above the USD 210 resistance area. This is also the 0.618 Fib retracement of the latest decline.
Until LTC clarifies, we cannot confirm that it is heading for new highs.
TradingView LTC Chart
Currency (XMR)
On February 23, XMR hit a low of $ 173 but created a very long bottom wick and bounced off immediately afterwards.
The next jump was pretty weak. XMR hasn’t even cleared the $ 230 resistance area created immediately after the ricochet.
Technical indicators are neutral. Hence, it is possible for XMR to trade in a range between $ 185 and $ 230.
TradingView XMR Chart
IOTA (IOTA)
IOTA has been trading in an ascending wedge since February 23. The ascending wedge is usually thought of as a bearish pattern.
Additionally, its resistance line coincides with the USD 1.45 resistance area.
Hence, we cannot consider the short-term trend bullish until IOTA manages to hit this level.
IOTA chart from TradingView
Click here to view the latest Bitcoin (BTC) analysis from BeInCrypto.
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