December 15th technical analysis in the evening: BTC, ETH, XRP, NEAR, EGLD, AVAX, CAKE

Bitcoin Magazine will analyze the price movements of seven prominent coins, including Near Protocol (NEAR), which hit a new all-time high on December 15th.

BTC

Bitcoin (BTC) has been trading on a descending parallel channel since November 10th. On December 4th, it appeared to have fallen below the Channel, falling to a low of $ 42,000.

After that, however, the price bounced off significantly and is now in the upper part of this channel.

When a breakout occurs, the closest resistance is between $ 55,500 and $ 58,700, an area formed by the 0.5-0.618 Fib resistance levels.

BTC / USDT 6-hour chart | Source: TradingView

ETH

Similar to BTC, Ethereum (ETH) has been trading on a descending parallel channel since November 10, but broke out on December 13.

Currently he appears to be in the process of confirming this channel as a resistance. Additionally, ETH faces a horizontal resistance area at USD 3,900 (red symbol).

Until these levels are restored, the trend cannot be considered bullish.

ETH / USDT 6-hour chart | Source: TradingView

XRP

XRP (XRP) is also traded on a descending parallel channel. However, this has been the case since September 6th.

It recently ricocheted off the channel’s support line on December 4th. Hence the structure is still intact.

However, XRP has not yet started to move higher and is still trading in the lower part of the channel.

In order for the likelihood of a breakout to be higher, XRP needs to recapture the centerline of the channel.

XRP / USDT 12-hour chart | Source: TradingView

VICINITY

Near Protocol (NEAR) has been declining along with a descending resistance line since October 26th. It started rising on December 15, hitting an all-time high of $ 17.50 that same day.

After that, however, the price fell back, producing a long top wick of 41% strength. Such a wick is considered a sign of pressure to sell.

NEAR has now returned below the descending resistance line, invalidating the previous breakout.

NEAR / USDT 12-hour chart | Source: TradingView

EGLD

Elrond (EGLD) has been down since it hit an all-time high of $ 544 on November 23. It broke ascending support line on December 11th.

Although it started an upward move on December 15th, the price is currently facing strong resistance from the previous ascending support line and the $ 285 area. This is a particularly important area of ​​resistance. Until the EGLD has recovered to this level, the trend cannot be viewed as bullish.

If the downtrend resumes, the next support will be at $ 80.

12-hour EGLD / USDT chart | Source: TradingView

AVAX

Avalanche (AVAX) has been down since it hit an all-time high on November 21. So far it has fallen by 38.30%.

However, the price has increased three times (green symbol) from the $ 77.50 zone. This is an important area as it previously acted as a resistance and has now turned into a support.

As long as AVAX trades on it, the bullish structure remains intact.

AVAX / USDT 12-hour chart | Source: TradingView

CAKE

PancakeSwap (CAKE) has fallen into a descending parallel channel since August 26th. It hit a low of $ 10 on December 4th and bounced back.

The rebound is crucial as this is the USD 11.20 support area and the support line for the channel.

Hence, CAKE is likely to start a rally from current levels.

Daily CAKE / 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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