Technical Analysis February 17: BTC, ETH, XRP, BNB, ATOM, SHIB, NEAR
Technical Analysis February 17: BTC, ETH, XRP, BNB, ATOM, SHIB, NEAR.
CoinCu will cover the price action of seven different cryptocurrencies including SHIBA INU (SHIB) which broke above its ascending parallel channel.
BTC is currently trading just below the $44,300 horizontal resistance area. This is the third time it has managed to break out since January 10. On Feb. 15, BTC made its highest close since the start of the uptrend.
Technical indicators are bullish as both the RSI and MACD are rising. Therefore, both support the continuation of the uptrend.
If there is a breakout, the closest resistance is $51,100. This is the 0.5 Fib retracement resistance and horizontal resistance area.
On February 6th, ETH broke a descending resistance line that had been forming since December 1st, and the price then reversed to confirm it as support on February 13th (symbol. green). Since then, prices have gone up.
The next area of resistance is at $3,700. This is an area that has played a major role so far.
Furthermore, it also coincides with the 0.5 and 0.618 Fib resistance areas when measuring the entire down move.
ETH/USDT daily chart | Source: TradingView
XRP has been falling along with a descending resistance line since April 16, 2021. This down move initially led to a break below the horizontal zone of $0.72 in early January 2022.
Since then, however, the price has recovered and regained this zone shortly thereafter. It is currently approaching the descending resistance line again.
A breakout of this line will accelerate the upward move.
XRP/USDT daily chart | Source: TradingView
Similar to ETH, BNB has been falling along with a descending resistance line since early December, taking it as low as $336 on Jan. 24 (green icon).
The next bounce will serve to confirm the $335 horizontal zone as support. After that, BNB broke above the descending resistance line on February 15th.
If the uptrend resumes, the next area of resistance will be $500.
BNB/USDT daily chart | Source: TradingView
On January 31, ATOM hit a low of $31.50. After falling back to this level, it started an upward movement that led to a high of $33.19 on February 7th.
After that, ATOM fell again and hit a low of $26 on February 14th. The movement created a triple bottom and ATOM has been rising ever since.
It is currently making its third attempt to break the descending resistance line.
If successful, the next resistance lies at $36.60.
ATOM/USDT 6 hour chart | Source: TradingView
SHIB has been on the rise since Jan. 22 when it hit a low of $0.000017. So far, it peaked at $0.000035 on February 7th.
After that, SHIB fell and confirmed the channel’s resistance line as support (green symbol).
As long as the price is trading above this channel, the trend will remain up.
6-hour SHIB/USDT chart | Source: TradingView
NEAR has fallen since February 7th. This move caused a break below an ascending support line on February 10th.
Since then, NEAR has started a bull run. However, it was rejected by the previous ascending support line (red icon) on February 17th.
Until NEAR regains this line, the trend cannot be considered bullish.
NEAR/USDT 6 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
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