October 6th Technical Analysis: BTC, ETH, XRP, XMR, LUNA, SHIB, DOGE

Bitcoin (BTC) broke the descending resistance line and then regained the resistance area of ​​$ 47,800.

Ethereum (ETH) has also broken the descending resistance line but is trading below the resistance area of ​​$ 3,650.

XRP (XRP) is moving along a descending support line and trading below the resistance area of ​​$ 1.07.

Monero (XMR) has yet to break above its descending resistance line.

Terra (LUNA) hit a new all-time high on October 4th.

SHIBA INU (SHIB) broke the USD 0.000009 resistance area and is up 115% in two days.

Dogecoin (DOGE) is still falling along with a descending resistance line.

BTC

On October 1st, BTC broke above the descending resistance line. This ended the downward trend that had been ongoing since September 4th (red icon). As a result, BTC may have completed a correction and is now moving towards higher levels.

On October 3rd, BTC also broke out above the $ 47,800 area, further aiding this possibility. The next area of ​​resistance is at $ 56,200.

Technical indicators also support the continuation of the upward trend. The MACD line is crossed in the positive area. In addition, the histogram generates higher momentum bars (blue symbol), a sign that the short-term trend has become bullish.

Additionally, the RSI has risen above 50 (green symbol). The RSI is a momentum indicator and a cut above or below 50 can be viewed as a bullish or bearish determinant.

The last time the RSI crossed 50 was on July 23, just before the current uptrend began.

BTC / USDT daily chart | Source: TradingView

ETH

The movement of ETH is relatively similar to that of BTC. The token also broke the descending resistance line on October 1st, ending the previous downward move.

However, unlike BTC, ETH has yet to break through the next resistance area of ​​$ 3,650. Once it can, it will likely rise to the September high of $ 4,027.

MACD and RSI are identical to those of BTC, which supports the continuation of the upward trend.

ETH / USDT daily chart | Source: TradingView

XRP

XRP has been falling along with a descending support line since August 13th. It last bounced off this line on September 21st and started the current uptrend.

While this could be seen as a sign of a bullish turnaround, the token is still trading below the horizontal resistance at $ 1.07.

MACD and RSI provide signals similar to ETH and BTC. However, the MACD is still in negative territory. Therefore, this trend cannot yet be described as bullish.

XRP / USDT daily chart | Source: TradingView

XMR

XMR has fallen along with a descending resistance level since September 24th. The decline peaked on September 21, at a low of $ 212. Then the token bounced off (green symbol) and has risen higher since then.

The uptrend confirmed the $ 225 area as support as an upward move was initiated at the same level on August 4th (green symbol). As long as the token is trading above this zone, the trend can therefore be viewed as bullish and bounces are possible if this zone is retested.

However, the XMR is still moving along a descending resistance line and faces resistance at $ 275. To move towards the August highs, it must first overcome the strong confluence of resistance levels.

Daily XMR / USDT Chart | Source: TradingView

LUNA

LUNA has risen rapidly since September 29, when it confirmed the $ 33 mark as support. It broke a descending resistance line a few days ago and is a sign of strength.

On October 4, the token hit a new all-time high of $ 49.54.

If the uptrend resumes, the next area of ​​resistance is at $ 58. The resistance is created by the external fib retracement resistance of 1.61 when measuring the previous decline. When a coin is in a pricing process, external fib retracement levels are often used due to the lack of overhead resistance.

For this reason, the upward movement can even become parabolic.

Daily LUNA / USDT chart | Source: TradingView

SHIB

Between June 13th and October 4th, the SHIB consolidated below the horizontal resistance area of ​​$ 0.000009. It broke out on October 4th with a large bullish bar.

In fact, the token consolidated for three months before breaking out. This shows that the next up move could be very strong.

In just two days, the token was up 115%.

However, it is approaching the first Fib retracement resistance level at $ 0.000022. Since the token has not corrected itself since the breakout, a short-term rejection and retracement is likely.

After that, the next resistance range is at $ 0.000027.

Daily SHIB / USDT chart | Source: TradingView

DOGE

DOGE has fallen along with a descending resistance line since August 16. The downward move hit a low of $ 0.19 on September 29th. The subsequent upswing led to a strong upward movement.

This move also confirmed the $ 0.195 area of ​​support. This zone was the catalyst for an upward move on August 3rd.

However, the trend cannot be viewed as bullish until DOGE breaks above the descending resistance line.

Daily DOGE / USDT Chart | Source: TradingView

You can see the coin prices here.

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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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