November 23rd Technical analysis at night: BTC, ETH, XRP, ICX, ALPHA, ENJ, SAND
Bitcoin Magazine will look at the price movement of seven altcoins, including Enjin Coin (ENJ), which are on the verge of hitting new all-time highs.
Bitcoin (BTC) has fallen along with a descending resistance line since it hit an all-time high of $ 69,000 on November 10th. This resulted in a low of $ 55,600 on November 19.
After a rebound, BTC fell again, hitting a low of $ 55,317 on November.
However, a double bottom formed which is believed to be a bullish reversal pattern.
Additionally, this pattern is associated with bullish divergence in both the RSI and the MACD. This occurs when a fall in price is not accompanied by a fall in technical indicators and is often preceded by a trend reversal.
The next resistance is at $ 60,730. This is the .382 fib retracement resistance and the descending resistance line.
The number of waves also favors a rally.
BTC / USDT 6-hour chart | Source: TradingView
Similar to BTC, Ethereum (ETH) also created a double bottom on November 19 and 23. The only difference is that the token has not reached a lower low, but a higher low (color symbol) (green). This is a bullish sign as it shows that ETH has more strength than BTC.
The ETH is also moving along the descending resistance line. A break above this will bring the price into the USD 4,420 resistance area.
ETH / USDT 2-hour chart | Source: TradingView
XRP (XRP) has been down since November 10 when it diverged above the $ 1,215 resistance area. The decline resulted in just $ 1.01 on November 18.
The move also put the price on the ascending support line that has been in place since Nov 18th. XRP then confirmed this line again on November 22nd (green symbol).
If the uptrend resumes, the $ 1,215 area is likely to act as resistance again.
XRP / USDT 6-hour chart | Source: TradingView
ICON (ICX) has risen along with the ascending support line since the beginning of October, while moving along this line it has been rejected four times from the resistance area of USD 2.55.
But if you combine the resistance area with this line. it created an ascending triangle that is considered a bullish pattern.
Therefore, the likelihood that the ICX will cross this zone is very high, especially if it has been retested four times.
ICX / USDT 4-hour chart | Source: TradingView
On November 16, Alpha Finance (ALPHA) broke under a descending parallel channel. After that, the price confirmed this as resistance (red symbol) and continued to fall.
However, it still holds above the USD 0.905 support area. A break below this zone will bring the ALPHA as low as $ 0.08.
ALPHA / USDT 6-hour chart | Source: TradingView
On November 7th, Enjin Coin (ENJ) was rejected from the resistance area of $ 3.75. However, after falling for a short time, it continued to rise and erupted on November 20th. It was nearing a new all-time high, hit just one low at $ 3.92, $ 0.08 above the current all-time high.
If the uptrend is maintained, the next resistance will be at $ 6.03. This is the Fibonacci retracement resistance level outside of 1.61.
Daily ENJ / USDT chart | Source: TradingView
Sandbox (SAND) has grown rapidly since November 16, so far it’s grown 150%.
It is currently trading very close to the Fib external resistance at $ 2.61 at $ 5.76. The award can be declined once it gets there.
The next resistance is at $ 7.2. This is the Fibonacci retracement resistance level outside of 3.61.
SAND / USDT daily chart | Source: TradingView
You can see the price of the coin 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