BTC, ETH, XRP, DASH Tech Analysis – 29 July

Briefly –

  • Bitcoin (BTC) battles to move over the resistance at $40.5K.
  • Ethereum (ETH) trades in a climbing channel.
  • DASH and XRP broke out from plunging resistance lines.

The recent price actions had altcoins such as THORChain (RUNE), Dash (DASH), and Ripple (XRP) breaking out from dropping resistance lines.

Meanwhile, Enjin Coin (ENJ) broke from its plunging resistance line, trying to reclaim the horizontal resistance at $1.43.

On 28 July, Quant claimed its new ATH.

Bitcoin (BTC)

Bitcoin has enjoyed upside moves since the 20 July lows that saw it dip to $29,278. The coin rallied to claim a high of around $40,900 on 28 July. The asset formed the 7th bullish candle in a row.

The surge happened within the $40.5K resistance zone. That is still the .382 Fibonacci retracement resistance area.

The daily technical indicators show bullish sentiments. The stochastic oscillator registered a bullish cross as RSI moves over 70. Moreover, the MACD increases in a positive mood.

Despite the bullishness, some near-term weakness is developing.

Ethereum (ETH)

ETH has increased within an uphill parallel channel since 22 June. Such price moves incorporated corrective sentiments.

Ethereum faced rejection at the channel’s top on 27 July. However, the leading alternative currency maintains in the top area of the price channel.

Meanwhile, technical indicators remain somewhat neutral. The RSI hovers over 50 while MACD decreases with positivity.

If the crypto breaks from the channel, it might climb to the $2,850 mark. The ETH’s next move depends on the coin maintaining this channel or plunging beneath the midline.

Ripple (XRP)

XRP managed to break out of its descending resistance that existed from 19 May to 22 July. For now, the altcoin attempts to move over the resistance area at $0.70.

Meanwhile, technical indicators show bullishness, affirming moves over this resistance area.

With such actions, XRP will see its next resistance near $0.95, as it targets the Fibonacci retracement resistance at the .382 level.

Dash (DASH)

DASH has kept moving below a plunging resistance since 19 May. However, the asset managed to surge to the $190 highs on 19 July. The high took place at the .618 Fibonacci retracement level.

Dash failed to maintain the increases, creating a long top wick (red).

Though the coin gained some ground, the RSI and MACD show price weaknesses.

The nearest support zone locates at $115.

Leave a Reply

Your email address will not be published. Required fields are marked *