November 4th Technical Analysis: BTC, ETH, XRP, DYDX, SOL, PRQ, MATIC
Bitcoin Magazine will take a look at seven altcoins, including Solana (SOL), which has just hit a new all-time high, and dYdX (DYDX), which confirms its previous all-time high.
BTC has rebounded since crossing the descending parallel channel and confirming it as support on November 1st (green icon). This shows that the correction from the all-time high has been completed.
Currently, BTC is trying to move above the 0.618 fib retracement resistance at $ 63,530. This is also a horizontal zone of resistance.
This confirms that the upward trend is continuing.
BTC / USDT 6-hour chart | Source: TradingView
Ethereum (ETH) has risen rapidly since September 21st. It looks like it is on the fifth wave of a bullish pulse, this is the last wave after which it is likely to correct a correction.
The most likely targets for the top of the current move up are in the zone between $ 4,956 – $ 5,152 and $ 5,615. The first zone is created using the outer Fibonacci retracement on wave four (white) and projecting the 0.382 Fib from wave 1-3 (black) onto wave 4, while the latter is the length of wave 1-3.
ETH / USDT 6-hour chart | Source: TradingView
On October 9th, XRP (XRP) attempted to break above the descending resistance line on October 9th but was rejected by the 0.618 fib retracement resistance at $ 1.20.
After the rejection, the price moved below this line twice, claiming it back each time (green symbol). This is a bullish sign that often results in significant upward moves.
Currently, XRP is about to break out of the $ 1.20 region. If it succeeds, the next resistance will be at $ 1.41.
XRP / USDT 6-hour chart | Source: TradingView
dYdX (DYDX) has been down since September 30th when it hit an all-time high of $ 27.85. The drop takes the form of a descending parallel channel, which is usually a corrective pattern. This means that outbreaks tend to occur in most cases.
Between October 27 and October 31, the token bounced off the channel’s support line and the $ 14.50 zone. In addition, the RSI creates a bullish divergence. This is a sign that often anticipates upward movements.
Hence, a breakout is likely to occur over the canal.
DYDX / USDT 6-hour chart | Source: TradingView
SOL has risen since it broke across a symmetrical triangle on October 20.
After the token was rejected between October 20th and November 1st, it resumed its upward movement. November it hit a new all-time high of $ 232.88.
The closest resistance is at 278. This is the external fib retracement resistance at 1.61 when measuring the recent decline.
SOL / USDT 6-hour chart | Source: TradingView
PARSIQ (PRQ) has been falling along with a descending resistance line since May 31st. It has made four unsuccessful escape attempts so far, most recently on October 25th (color icon red). All of them created long wicks at the top, which is a sign of selling pressure.
Additionally, the rejection coincided with the $ 0.95 horizontal resistance area. Until the token crosses this resistance line and horizontal zone, the trend cannot be considered bullish.
Daily PRQ / USDT chart | Source: TradingView
MATIC has increased since September 21st. On October 27th, it broke out above the $ 1.74 zone.
After being confirmed as support, the price resumed its upward movement.
MATIC is currently heading for an all-time high of close to US $ 2.40.
MATIC / USDT daily 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.
According to Beincrypto