Technical analysis July 15: BTC, ETH, XRP, AXS, ZEC, FLOW, BAKE
Bitcoin (BTC) is traded on a descending parallel channel.
Ethereum (ETH) has broken under a rising wedge.
XRP (XRP) and Flow (FLOW) broke the descending resistance lines.
Axie Infinity (AXS) hit a new all-time high on July 15th.
Zcash (ZEC) is moving along a descending resistance line.
BakeryToken (BAKE) trades in a symmetrical triangle.
BTC has been trading in a descending parallel channel since June 29th. On July 14th, it bounced off the channel’s support line and 0.618 fib retracement support at $ 31,640 (round green circle).
It has since moved upwards but has yet to regain the centerline of the canal. This can confirm that an outbreak is occurring.
Additionally, this will cause the two-hour MACD and RSI to go bullish.
BTC / USDT 2-hour chart | Source: TradingView
On July 7th, ETH hit a high of $ 2,361. Since then it has been moving downwards and has been breached under an ascending wedge. It looks like the wedge is a beginning diagonal wave.
On July 14, it hit a low of $ 1,865 and bounced back. The low was reached very close to the 0.786 Fib retracement support. The subsequent upward movement appears impulsive (green).
ETH is moving along the descending resistance line (dashed line), but it will likely eventually move towards the USD 2,880 resistance area.
ETH / USDT 2-hour chart | Source: TradingView
XRP has been moving along a descending resistance line since June 1st. After several failed attempts to escape, he finally managed to move across this line on July 4th.
After that, the price fell and confirmed it as support (green symbol).
XRP hasn’t surfaced yet, but the RSI has created a bullish divergence.
The next resistance is at $ 0.80-0.87 (0.5-0.618 fib retracement resistance level).
XRP / USDT 6-hour chart | Source: TradingView
AXS has grown rapidly since June 22nd. It grew 921% in 23 days. This resulted in a new all-time high of $ 29.20 on July 15th.
A high was created just above the outer fib retracement resistance of 2.61 at $ 26.51. The next resistance is at $ 35.95. That target is the FIb retracement outside 3.61.
There are no clear signs of weakness in the daily timeframe.
Daily AXS / USDT Chart | Source: TradingView
ZEC has been falling along with a descending resistance line since May 20th.
During this process, it bounced off the $ 100 support area twice and is likely to complete a double floor pattern.
The price has yet to break above this descending resistance line. Until then, the trend cannot be viewed as bullish.
The next area of resistance is at $ 195.
ZEC / USDT 6-hour chart | Source: TradingView
FLOW has been moving along a descending resistance line since April 5th. It managed to break out on July 6th and hit a high of $ 20.61 on July 15th.
Although the RSI initially created bearish divergence, its trendline has been broken. The MACD is also rising.
The next levels of resistance are at $ 25.33 and $ 29.93. These are the 0.5 and 0.618 Fib retracement resistance levels.
FLOW / USDT 6-hour chart | Source: TradingView
BAKE has been trading in a symmetrical triangle since June 22nd. This triangle is generally considered to be a neutral pattern.
Technical indicators in the short term are bullish. The RSI is above 50 and the MACD is above 0.
If there is a breakout, the next resistance is at $ 2.65.
BAKE / USDT 2-hour chart | Source: TradingView
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