Bitcoin Price Analysis: The hourly chart has moved into a descending chart formation
Bitcoin has been trading in a downward pattern ever since the market failed to break the 10K mark on May 7th. Now there is a clear pattern of lower lows and lower highs since the red support zone at 9289.57 was taken out. The main wave low still stands at 9120 and this could be an important resistance zone in the future.
The main highlight on the chart is the descending wedge pattern. The support was used very well and on Monday the market has pushed back up. The top of the pattern may now be a resistance zone but above this, if the price does push through it we could have an important signal.
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Ethereum Classic Price Analysis: ETC has broken a key intraday trendline
Ethereum Classic is having a good session on bank holiday Monday (UK) as the crypto major is one of the best performers. The price has now pushed past the black trendline on the 4-hour chart below which could indicate the price might move back to the highs.
The psychological 7.00 level is now the next resistance and it has been somewhat of a pivot zone during the previous consolidation. In a classic technical move, after the price broke through the trendline it came back to test it before the move higher. When doing that, the 200 simple moving average was in close proximity and was also used to bolster support zone.
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Ripple XRP Price Analysis: XRP forms a bearish head and shoulders pattern
Ripple has pushed higher on Monday but overall looks bearish. The 4-hour chart below shows quite a large head and shoulders pattern but the neckline is quite far away from the current price level.
A break of 0.1800 will be a confirmation signal that the price is heading lower but the psychological level has held firm a few times in the past. Crutially the price is trading below the 200 simple moving average and the Relative Strength Index indicator has moved below the 50 mid-line. Lastly, the volume is still looking thin and it would be good to see a pick up in interest.
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