3rd evening technical analysis: BTC, ETH, XRP, KAVA, ZEC, ALGO, ATOM

Bitcoin (BTC) trades in a symmetrical triangle.

Ethereum (ETH) is likely to trade within an ascending triangle.

XRP (XRP) is traded on a descending parallel channel.

Kava.io (KAVA) is about to break above the descending resistance line.

Zcash (ZEC) is approaching the USD 200 resistance area.

Algorand (ALGO) has bounced back from the long-term $ 0.70 zone but is still moving towards the descending resistance line.

Kosmos (ATOM) follows a descending line of resistance.

BTC

Since hitting a local low on May 19, BTC has been trading in a short-term symmetrical triangle. This pattern is often viewed as a neutral pattern.

It is currently in the process of breaking this triangle, which will be a significant bullish move.

If so, the closest resistances are found at $ 41,300 and $ 48,250, respectively.

Both RSI and MACD support the validity of the breakout.

For a more in-depth analysis, click here.

BTC / USDT 2-hour chart | Source: TradingView

ETH

ETH has been moving along the descending resistance line since May 12th. It broke through that resistance on May 30th and has been increasing ever since.

The main resistance area is at $ 2,850. Coupled with a potential ascending support line, it is possible that ETH is trading within an ascending triangle.

While the next resistance is at $ 3,370, a move the full height of the ETH pattern could bring it to $ 4,050.

Both MACD and RSI support a breakout.

BTC / USDT 6-hour chart | Source: TradingView

XRP

XRP is currently in the process of moving above the $ 1.05 zone. This is the main horizontal resistance and the 0.382 Fibonacci retracement level of the recent downtrend.

If it manages to regain the $ 1.05 level, XRP is likely to rise to the resistance level of the descending parallel channel at the current $ 1.48.

Technical indicators are showing some bullish signs but have yet to confirm a bullish trend reversal.

While the MACD is rising, the RSI has not yet crossed the 50 line and the Stochastic Oscillator has not yet formed a bullish cross (green circle). In order for the upward trend to be confirmed, both indicators must continue to move upwards.

XRP / USDT daily chart | Source: TradingView

KAVA

KAVA has been moving along a descending resistance line since hitting an all-time high of $ 8.13 on April 6th. It has made two unsuccessful attempts to break out so far.

The recovery from the May 23 low has been extremely rapid and KAVA has almost returned to the descending resistance line.

A breakout could hit the all-time high of $ 8.13.

Technical indicators on the daily chart support a breakout. The stochastic oscillator has just created a bullish cross (green). The RSI is about to break the 50s while the MACD is in positive territory near the money.

Daily KAVA / USDT Chart | Source: TradingView

ZEC

ZEC has risen since the May 19 impact. At that time it hit a low of $ 105.

It is now trading back at $ 172 and is approaching the key resistance area at $ 200.

Technical indicators are gradually turning to an uptrend, but have not yet confirmed the uptrend. The RSI crosses above 50 and the stochastic oscillator creates a bullish cross which is required for confirmation.

Until the $ 200 zone is restored, the trend cannot be considered bullish.

ZEC / USDT daily chart | Source: TradingView

ALGO

On May 22, ALGO hit a low of $ 0.68 and rose. This is an extremely positive development as the area behaves like its previous all-time high in August 2020. So the sustained decline looks like another test of the uptrend.

ALGO has since risen to hit the small resistance area of ​​$ 1.08. It is also moving along a descending line of resistance.

Technical indicators remain neutral.

Therefore, despite the upward movement, we cannot yet confirm that the trend is bullish.

3-day ALGO / USDT chart | Source: TradingView

ATOM

ATOM has been moving along a descending resistance line since it hit an all-time high of $ 32.35 on May 7th.

This line coincides with the 0.382 Fibonacci retracement resistance at $ 17.60.

As long as ATOM does not break this resistance, the trend cannot be considered bullish.

Both the short-term MACD and RSI support a breakout.

The next resistance is at $ 23.22.

ATOM / USDT 6-hour chart | Source: TradingView

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

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page