December 21st evening technical analysis: BTC, ETH, XRP, FTT, ONE, HNT, AVAX
Bitcoin Magazine will look at the price movement of seven prominent coins, including Avalanche (AVAX), which are only 20% below their all-time high.
BTC has been trading in a descending parallel channel since it hit an all-time high in November.
It fell as low as $ 42,000 on December 4th, but rebounded significantly and returned to the channel’s support line.
Right now, BTC appears to be about to break out across the channel. If this is successful, the next resistance range is between $ 55,500 and $ 58,700. This target area is created by the 0.5-0.618 fib retracement resistance.
BTC / USDT 6-hour chart | Source: TradingView
Similar to BTC, ETH has also been trading on a descending parallel channel since November 10th. It broke under the canal twice, the last time on December 15th.
However, the price rebounded and reclaimed the $ 3,920 zone. This is a very positive development that could lead to a significant upward movement.
A bullish reversal will be confirmed when ETH regains the centerline of the channel.
ETH / USDT 6-hour chart | Source: TradingView
XRP is also traded on a descending parallel channel. However, this is a long-term channel that has been around since early September.
XRP bounced off the channel’s support line on December 4th and has risen since then.
Similar to ETH, recapturing the centerline of the channel is important to confirm a bullish reversal.
XRP / USDT daily chart | Source: TradingView
The FTT has been down since it hit an all-time high of $ 85.74 on September 9. The downside hit a low of $ 35.96 on December 17th.
However, the FTT rebounded and confirmed the $ 35.40 area as support. This is the 0.786 fib retracement support and the horizontal support.
More importantly, the FTT appears to have completed an ABC correction structure where wave A: C has an exact 1: 1 ratio. If so, the FTT could soon make another attempt to break the resistance line.
Daily FTT / USDT chart | Source: TradingView
ONE has fallen since it hit an all-time high of $ 0.38 on October 26th. The downside hit a low of $ 0.135 on December 4th. This appears to have caused it to break below the long-term ascending support line.
ONE, however, rebounded and reclaimed that line of support. It also retook the $ 0.225 horizontal zone that previously acted as a resistance area at the all-time high.
This is a very positive development as it shows that the correction has been completed. This could lead ONE to a new all-time high.
Daily ONE / USDT chart | Source: TradingView
The HNT has fallen along with a descending resistance line since it hit an all-time high on November 7th. This resulted in a low of $ 25 on December 4th.
HNT rebounded and broke out above this line on December 16.
If it continues to rise, the next resistance area is between $ 42.20 and $ 46.20. This area is created by the 0.5-0.618 Fib retracement resistance levels.
HNT / USDT 6-hour chart | Source: TradingView
Between December 4th and December 13th, AVAX bounced off the support area of USD 80 (green symbol) several times. This area has previously acted as resistance at all time highs, so the rebound acted as a confirmation of support.
After the last rebound, AVAX broke the descending resistance line and is now heading for an all-time high.
If it manages to move above it, the next resistance will be found at USD 189.
AVAX / USDT daily chart | Source: TradingView
You can see the BTC price 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.