technical analysis for July 22


Bitcoin (BTC) is moving along a downward resistance line. Ethereum (ETH) has formed a double bottom. Ripple (XRP) has broken through the downward resistance line. Compound (COMP) did the same, bouncing off the $ 325 support area. Stellar (XLM) also formed a double bottom and broke through the downside resistance line.

BTC

Bitcoin (BTC) has been declining along the line of downtrend resistance since June 29.

On July 21, the price reached this line for the fourth time, but bounced off it. There is also a resistance area of ​​$ 32,925 (Fibo level of 0.5 retracement).

A bullish breakout of this level could trigger a sharp rise in BTC towards $ 37,278 or $ 42,181.

Indicators MACD and RSI support continued growth. MACD has almost entered the green zone and the RSI has already surpassed the 50 mark.

Are you a BTC bull? Share your opinion in the comments and join the discussion in our Telegram channel!

DRbutfandto INTWITH Source: TradingView

ETH

As in the case of BTC, the rate of the native coin blockchain Ethereum ETH is also moving along the line of downward resistance. The market has been doing this since June 2.

On June 26 and July 20, the price formed a double bottom around $ 1,720. This pattern is supported by bullish divergence signals on MACD, RSI and Stochastic Oscillator. On July 21, ETH formed a bullish engulfing candlestick.

At the moment, the downtrend resistance line is at $ 2,200. A successful clean break could push the coin to the next resistance area at $ 2,850.

Source: TradingView

XRP

Coin the Ripple project XRP has been declining since May 20 along the line of descending resistance.

On June 22 and July 20, the price made lows around $ 0.50, forming a double bottom. This pattern was accompanied by bullish divergence signals for MACD and RSI.

After that, XRP made a bullish breakout of the resistance line.

The nearest resistance is now at $ 0.80.

Source: TradingView

COMP

The COMP rate has been growing since June 22. As a result, the price reached a maximum of $ 531 on July 6 and began to decline from here, moving along the line of downward resistance.

On July 20, COMP noted a low of $ 318 and bounced back, testing the $ 325 area as support. The Fibo level 0.618 of the correction is also here.

After the rebound, the market made a bullish breakout of the aforementioned descending resistance line and continues to rise, receiving support from the MACD and RSI indicators.

Source: TradingView

XLM

The price of the Stellar XLM project coin formed a minimum of $ 0.20 on June 22 and bounced off it. As a result, the price reached a high of $ 0.293 on June 29. On July 20, the price returned to this level again, forming a double bottom here.

During the rally, the market managed to make a bullish breakout of the downside resistance line built from the June 29 high. Indicators such as MACD and RSI support this breakout.

The nearest resistance is at $ 0.285.

Source: TradingView

Read Previous Bitcoin Forecast can here

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Karice Dabule

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