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BTC, ETH, XRP, ZEC, YFII, DEGO, THETA — Technical Analysis July 28

Bitcoin (BTC) is making another attempt at breaking out above the $40,550 resistance area.

Ethereum (ETH) and XRP (XRP) have broken out from descending resistance lines after creating double bottoms.

Zcash (ZEC) has broken out from a descending resistance line but failed to initiate a significant upward move.

DFI.Money (YFII) is attempting to move above the $2,660 resistance area.

Dego Finance (DEGO) has reclaimed the $8 resistance area.

Theta Token (THETA) is attempting to break out from a descending resistance line.

BTC

BTC has been increasing since July 20. It reached the $40,550 resistance area on July 26 and was rejected, creating a long upper wick. 

However, it’s currently making another attempt at breaking out above the $40,550 resistance. 

Technical indicators are bullish. The Stochastic oscillator has made a bullish cross and the RSI is above 50. In addition to this, the MACD is increasing, even though its not positive yet. 

Therefore, an eventual breakout is likely.

ETH

ETH created a double bottom pattern at on June 26 and July 20. The pattern was created inside the $1,760 horizontal support area. In addition, it was combined with bullish divergences in the MACD, RSI, and Stochastic oscillator.

Since then, the RSI has moved above 50 and the Stochastic oscillator has made a bullish cross.

Following this, ETH broke out from a descending resistance line and validated it as support.

The closest resistance area is found at $2,850.

XRP

In a similar fashion to ETH, XRP created a double bottom on June 22 and July 20. Furthermore, the pattern was combined with numerous bullish divergences. 

XRP has now managed to break out from a descending resistance line that had previously been in place since May 19.

The closest resistance area is at found $0.80. This target is the 0.382 Fib retracement resistance level.

ZEC

ZEC had been following a descending resistance line since May 20. This led to a low of $83.02 being reached on July 20. While the low was combined with bullish divergence in the MACD, the RSI and Stochastic oscillator were still bearish. 

While ZEC has broken out from the descending resistance line since then, it hasn’t yet made any significant upward movement.

The closest resistance area would like be reached at $130.

YFII

YFII has been moving upwards since May 19 and created a higher low on June 22. 

After this it broke out above the $2,100 resistance area and validated it as support between July 11-14 (green icons). 

Currently, it’s attempting to break out above the $2,650 resistance area. Despite showing some weakness, technical indicators are still bullish. 

Therefore, an eventual breakout that takes YFII towards $3,200 would be likely.

DEGO

DEGO had been following a descending resistance line since March 14. It made four unsuccessful breakout attempts, most recently on July 15. 

However, it was successful in moving above the line on July 23. Shortly afterw, it reclaimed the $8 horizontal resistance area and validated it as support. It followed this by creating a bullish engulfing candlestick on July 27 (green icon). 

The closest resistance area is found at $19.

THETA

THETA has been stuck underneath a descending resistance line since April 16. So far, it has been rejected four times by this line, most recently on July 26 (red icon). 

However, THETA has been increasing since July 20, leading to the aforementioned rejection. In addition to this, technical indicators are bullish and support the pprobability of a breakout. 

If one occurs, the closest resistance area would be found at $9.70. This is the 0.5 Fib retracement resistance level.

Source: beincrypto.com

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