December 9th Technical Analysis: BTC, ETH, XRP, AXS, XTZ, EOS, NEAR
In this article, Bitcoin Magazine looks at the price movements of seven prominent coins, including Near Protocol (NEAR), that have risen from resistance at previous all-time highs.
Bitcoin (BTC) has been moving along an ascending support line since the beginning of July. It broke the support line on December 4, hitting a low of $ 42,000.
However, the price bounced shortly afterwards, confirming that line as resistance (red symbol). This line also coincides with the 0.382 fibonacci retracement resistance at $ 52,450.
Until it finds a way to rebound, the trend cannot be considered bullish.
BTC / USDT daily chart | Source: TradingView
In contrast to BTC, Ethereum (ETH) is still moving along its ascending support line. The December 4th drop only served to confirm this line and create a long wick underneath (green symbol). This is seen as a sign of pressure to buy.
As a result, ETH’s price movement is more positive than BTC’s and could eventually be heading for a new all-time high.
ETH / USDT Daily Chart | Source: TradingView
XRP (XRP) has been falling since September 5th. However, the movement is contained in a descending parallel channel. This is considered a corrective pattern, which means that in most cases, an outbreak will occur.
On December 4th, XRP bounced off the channel’s support line.
Although no significant uptrend needs to be started yet, the bullish structure will remain as long as XRP is traded within this channel.
XRP / USDT daily chart | Source: TradingView
Axie Infinity (AXS) has been trading on an ascending parallel channel since October 4th. However, the price broke through it on December 4th and confirmed it as resistance for the next four days (red symbol).
However, AXS rebounded as it hit the USD 93.15 support which is both horizontal support and 0.618 fib retracement support.
As long as it is trading above this level, there is a possibility of a short-term recovery.
Daily AXS / USDT Chart | Source: TradingView
Tezos (XTZ) has been down since October 4th when it hit an all-time high of $ 9.17. The previous downtrend resulted in a low of $ 3.22, which was hit on December 4th.
During the decline, XTZ broke rising support line.
However, it rebounded on December 4th, confirming the $ 3.80 area as support. It is currently trying to move above the USD 6.05 (red symbol) resistance area. This can accelerate the rate of increase.
Daily XTZ / USDT Chart | Source: TradingView
EOS (EOS) has been falling since September 6th. Initially, the downtrend was stopped near the $ 3.30 region. However, EOS collapsed on December 4th.
Nevertheless, EOS has since recaptured the zone. If it is possible to stay above this zone, the previous decline will only be a deviation.
This will be a bullish development that will usually result in a trend reversal on the upside.
EOS / USDT daily chart | Source: TradingView
Near Protocol (NEAR) has been down since October 26th when it hit an all-time high of $ 13.22. The decline resulted in just $ 6.20 on December 4th.
After that, however, the token rebounded and confirmed the $ 7.20 area as support. This is an important level as it previously acted as resistance at all time highs.
As long as NEAR is trading above it, the trend can still be viewed as bullish.
NEAR / USDT daily chart | Source: TradingView
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