Be[In]Crypto analyzes the price movement for seven different cryptocurrencies, including Basic Attention Token (BAT), which has seemingly completed a five-wave downward movement.
Bitcoin (BTC) has been moving upwards since it reached a low of $17,622 on June 18. The next day, it created a bullish engulfing candlestick pattern (highlighted).
Additionally, the RSI managed to move above 30, in what is considered a sign of a potential bullish trend reversal.
If the upward movement continues, the next closest resistance would be at $23,300.
Ethereum (ETH had been falling inside a descending parallel channel since the beginning of April. On May 10, it broke down from the channel (red icon) and proceeded to validate it as resistance one more on June 6. This served to accelerated the rate of decrease further, leading to the $880 low on June 18.
Similarly to BTC, ETH created a bullish engulfing candlestick the next day. If the upward movement continues, the channel would be expected to provide resistance once more at $1,500 (red circle).
In the period between May 12 and June 18, MyNeighborAlice (ALICE) created a double bottom, which is considered a bullish pattern. Furthermore, the pattern was combined with bullish divergences in the RSI. The price has been moving upwards since June 18.
If the upward movement continues, validating the double bottom pattern, the closest resistance area would be at $3.25.
Compound (COMP) has been decreasing underneath a descending resistance line since April 3. The downward movement led to a low of $26.20 on June 18.
While the price bounced afterwards, it has yet to break out from the resistance line. Doing so is required in order for the trend to potentially be considered bullish.
Basic Attention Token (BAT) Might Start A Bullish Trend: Technical Analysis – YouTube
Basic Attention Token (BAT) had been decreasing in what looks like a five-wave downward movement (red) since the beginning of April, leading to a low of $0.258 on June 14. The price bounced afterwards, reclaiming the $0.315 area in the process.
The bounce transpired after the RSI generated bullish divergence. If it continues, the next closest resistance area would be at $0.537.
IOTA (IOTA) has been decreasing underneath a descending resistance line since May 13. This led to a low of $0.23 on June 18.
While the RSI generated bullish divergence, the price failed to move above the $0.29 area. The area previously provided support and has now turned to resistance.
IOTA has to reclaim it and break out from the resistance line afterward in order for the trend to be considered bullish.
Solana (SOL) had been decreasing inside a descending wedge since May 12. The descending wedge is considered a bullish pattern, meaning that it is expected to lead to breakouts the majority of the time.
After generating significant bullish divergence, the price managed to break out on June 19.
If the upward movement continues, the next closest resistance area would be at $45.
For Be[in]Crypto’s latest bitcoin (BTC) analysis, click here
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