BTC, ETH, XRP, SNX, QTUM, ZEC & RLC: Technical Evaluation for March 5, 2021



The Bitcoin (BTC) value has bounced at a minor assist stage and is within the strategy of transferring above a short-term descending resistance line.

The technical evaluation for Ethereum (ETH) and Zcash (ZEC) reveals no bullish reversal indicators. Nonetheless, each are buying and selling above a powerful assist space/line.

XRP (XRP) is buying and selling inside a spread between $0.36 – $0.63.

Synthetix (SNX) has damaged out from a descending resistance line.

Qtum (QTUM) has bounced at a long-term assist space however has didn’t clear the newest breakdown stage, which is now appearing as resistance.

iExec RLC (RLC) has didn’t validate the earlier all-time resistance space as assist, breaking down under it as a substitute.

Bitcoin (BTC)

BTC has been lowering alongside a descending resistance line since Mar. 3, when it was buying and selling at a excessive of $52,640. At the moment, it’s buying and selling just under this line. 

Earlier this morning, BTC reached the 0.618 Fib retracement assist stage at $46,600 and bounced. At the moment, BTC is buying and selling just under the aforementioned resistance line. 

The MACD is doubtlessly offering a bullish reversal signal, however has but to verify it. Equally, the RSI is transferring upwards however continues to be under 50. 

A breakout from the descending resistance line would affirm the MACD bullish reversal and trigger the RSI to maneuver above 50, confirming that the short-term pattern is bullish.

For a longer-term BTC evaluation, click on right here.

Ethereum (ETH)

ETH bounced after reaching a low of $1298 on Feb. 26 however has misplaced practically the entire features ensuing from the bounce. 

At the moment, ETH is buying and selling simply above the $1430 assist space, which additionally coincides with a long-term ascending assist line. So long as ETH is buying and selling above these ranges, the worth motion stays bullish. 

Nonetheless, technical indicators are firmly bearish, as evidenced by the bearish cross within the Stochastic oscillator.

A breakdown from the assist space/line may trigger a pointy drop in direction of the $1175 area, which is the 0.5 Fib retracement of the newest upward motion.

XRP (XRP)

On Feb. 22, XRP reached the $0.63 resistance space, however was promptly rejected and created a protracted higher wick. It dropped all the best way to the $0.36 assist space the subsequent day, however bounced instantly, creating a protracted decrease wick. 

XRP has been buying and selling between these two ranges since. 

Technical indicators are impartial, suggesting that XRP is prone to proceed consolidating inside these ranges.

Synthetix (SNX)

On Feb. 14, SNX reached an all-time excessive value of $28.98 however started to lower afterwards, following a descending resistance line within the course of. 

The lower continued till SNX dropped to the 0.5 Fib retracement stage at $15.60, the place it bounced, leaving a protracted decrease wick behind (inexperienced arrow). 

The bounce brought about a breakout from the aforementioned descending resistance line. In consequence, SNX is now retracing after breaking out. 

The MACD has given a bullish reversal sign, the RSI is bouncing above the 50 line and the Stochastic oscillator has begun to maneuver upwards. 

Subsequently, it’s possible that the pattern for SNX is bullish. In that case, this may result in a brand new all-time excessive value.

QTUM (QTUM)

On Feb. 25, QTUM reached a low of $4.24 however bounced virtually instantly afterwards, creating a protracted decrease wick within the course of. 

The bounce was additionally essential because it served to validate the earlier all-time excessive resistance space of $0.425 as assist.

Regardless of the bounce, QTUM has been rejected by the minor resistance of $6. That is the 0.382 Fib retracement of the newest downward transfer.

Technical indicators are impartial. Thus, extra consolidation is predicted earlier than a possible breakout.

Zcash (ZEC)

ZEC has been transferring downwards since creating the second portion of a double prime on Feb. 19. The excessive reached was at $190. 

The drop has taken ZEC all the best way to the $115 assist space, which beforehand acted as resistance. The realm coincides with an ascending assist line that has been in place since Dec. 15, 2020. 

The worth motion and technical indicators are just like these of ETH.

On one hand, the worth motion is bullish so long as ZEC doesn’t shut under this horizontal space and ascending assist line.

On the opposite, technical indicators are firmly bearish.

iExec RLC (RLC)

On Feb. 12, RLC broke out above the earlier all-time excessive resistance space of $1.95, continuing to succeed in a excessive of $2.59 within the course of.

Nonetheless, it didn’t validate the identical space as assist, breaking down proper by way of it as a substitute. 

The drop took it to the $1.40 assist space, the place RLC has initiated a weak bounce. 

The MACD has given a bullish reversal sign however each the RSI & Stochastic oscillator are bearish. 

Subsequently, equally to QTUM & XRP, some consolidation looks as if the most certainly choice.

For BeInCrypto’s newest Bitcoin (BTC) evaluation, click on right here.

Disclaimer


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