Market

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

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

ETH

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

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

FTT

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

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

HNT

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

AVAX

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.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

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.

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

25 minutes ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

50 minutes ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

2 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

4 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

4 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

4 hours ago

This website uses cookies.