Bitcoin Magazine will analyze the price movements of seven prominent coins, including Dogecoin (DOGE), which is up 15% after Elon Musk confirmed that Tesla will accept DOGE

BTC

Bitcoin (BTC) has been trading on a descending parallel channel since November 10, when it hit an all-time high of $ 69,000.

As of December 4, it had only reached $ 42,000 so far. While this move initially caused the channel to collapse, BTC returned shortly afterwards.

Both the RSI and the MACD create bullish divergences. This is a bullish signal that usually precedes an upward trend reversal.

If the price breaks above the channel, the next resistance area is between $ 55,530 and $ 58,670. This zone is formed by the 0.5-0.618 Fib retracement resistance levels.

BTC / USDT daily chart | Source: TradingView

ETH

Ethereum (ETH) has also fallen since November 10, when it hit an all-time high of $ 4,864. It hit a lower high on December 1st and continued to decline.

So far it has ricocheted off the 0.5 and 0.618 fib retracement support areas (green icon).

While this move is considered bullish, ETH has strong resistance at USD 3,950. Until the price recovers to this level, the trend cannot be viewed as bullish.

ETH / USDT Daily Chart | Source: TradingView

XRP

XRP (XRP) has been down since it hit a high of $ 1.35 on Nov 10. It hit a low of $ 0.60 so far on December 4th.

Both the November 10th drop and the previous drop that started September 6th have a 1: 1 ratio (white). Additionally, XRP is trading just above the 0.786 fib retracement support (black).

Therefore, by the Fib ratio, XRP could have bottomed out locally.

XRP / USDT daily chart | Source: TradingView

EOS

EOS (EOS) has fallen along with a descending resistance line since September 6th. On December 4th, it fell to $ 2.39.

However, the price recovered almost immediately afterwards, creating a long wick at the bottom that is seen as a sign of buying pressure.

EOS is currently trying to recapture the $ 3.20 horizontal zone. This would be a very positive move that could potentially trigger a rally to the resistance level at USD 4.

EOS / USDT daily chart | Source: TradingView

XTZ

Tezos (XTZ) has been down since December 4th when it hit an all-time high of $ 9.17. It broke the rising support line on November 10th and fell as low as $ 3.22 on December 4th.

Although the price bounced back afterwards, it was rejected from the $ 5.90 (red symbol) area which is now believed to act as resistance.

As a result, XTZ is currently trading in a range of $ 3.60 to $ 6.90.

Daily XTZ / USDT Chart | Source: TradingView

DOGE

Dogecoin (DOGE) has been falling along with a descending resistance line since October 29. On December 4th, it fell as low as $ 0.13. The low was hit just below the $ 0.165 support area since June.

However, DOGE has since retraced this zone in an attempt to break the aforementioned descending resistance line. Such a pullback suggests that it was a false breakout, often followed by a marked move in the other direction.

If this succeeds, the next resistance will be at $ 0.226.

Daily DOGE / USDT Chart | Source: TradingView

SHIB

SHIBA INU (SHIB) has been falling since October 28th when it hit an all-time high of $ 0.000088. So far, it hit a low of $ 0.000029 in December.

SHIB is currently trading just above the USD 0.000031 support area that previously acted as resistance at the all-time high.

This is a strong level of support that could trigger a rebound.

However, SHIB is still trading along a descending resistance line that has formed since the all-time high mentioned above. Until the price breaks above it, the reversal cannot be confirmed.

Daily SHIB / 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.

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