23TH Technical Analysis: BTC, ETH, XRP, NEO, LUNA, HNT, NEAR

BTC will cover the price movements of seven different cryptocurrencies including Helium (HNT) that have created a bullish pattern.

BTC technical analysis

BTC has been falling in a descending parallel channel since February 10th. It broke below the channel on February 18 and hit a low of $36,350 on February 22.

After that, the price recovered and confirmed the $36,500 area as horizontal support.

The channel’s former support line is now expected to offer resistance. Then there is a stiff resistance at $40,050 created by the center line of the channel and the 0.382 Fib retracement resistance.

BTC/USDT 6 hour chart | Source: TradingView

ETH

Similar to BTC, ETH has been falling since February 10th. Two days later, she created what looks like a descending wedge.

While the wedge acts as a bullish pattern, ETH has broken below the $2,600 horizontal zone. This is an important level as it has acted as both resistance and support since January 26th.

For the short-term trend to be considered an uptrend, ETH needs to regain this level and break above the wedge.

ETH/USDT 2 hour chart | Source: TradingView

XRP

XRP has been falling since February 9th. Between February 12th and 29th, it appears to have halted its decline and begun a period of consolidation. However, the downtrend accelerated on Feb. 19, taking it to $0.66 three days later.

XRP has since started a slight surge off the $0.675 support. This is both a horizontal support level and coincides with the support line of the previous ascending parallel channel.

Therefore, if the uptrend continues, XRP must sustain above this level.

XRP/USDT 2 hour chart | Source: TradingView

ANCHOR

NEO has been falling along with a descending resistance line since September 6th. Meanwhile, on Jan 5, it broke below the $26.50 horizontal support. It then turned into threshold price resistance and a rejection on February 19th.

So far, NEO is down 86% from its 2021 high.

The next support area is $13.50.

NEO/USDT 2-day chart | Source: TradingView

LUNA

LUNA has been trading in a descending parallel channel since February 7th. Such channels often contain corrective structures, meaning a breakout above them would be the most likely scenario.

On February 12th and 20th (green icon), LUNA bounced off the support line of this channel. It is currently working to regain the centerline of the canal.

If there is a breakout, the most likely target for the top of the move would be $64.55. The target is found by projecting the length of the previous recovery (highlighted) to the February 20 low.

LUNA/USDT 2 hour chart | Source: TradingView

HNT

HNT has been falling into a descending parallel channel since February 7th. On February 22, it bounced off the channel support line (green icon) and the $21 horizontal support area.

This has created a triple bottom compared to the January 24th low, which is considered a bullish pattern.

If there is a breakout, the next resistance is $31.

HNT/USDT 4 hour chart | Source: TradingView

NEAR

NEAR has been down since Jan. 14 when it hit an all-time high of $20.60. So far, it is down 58% which took it as low as $8.21 on February 22nd.

On January 24, the price bounced off the previous descending resistance line and seemingly confirmed it as support (green icon). However, on February 21, the price broke below this line and reconfirmed it as resistance (red icon).

The next horizontal support is at $8.

NEAR/USDT daily 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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