BTC, ETH, XRP, BAT, XMR, CRV, NANO—Technical Analysis June 8

Bitcoin (BTC) has broken down from a symmetrical triangle pattern.

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Ethereum (ETH) is following a descending resistance line.

XRP (XRP) has been rejected by the $1.05 resistance area.

Basic Attention Token (BAT) is in the process of decreasing towards the $0.55 support area.

Monero (XMR) has been rejected by the $304 resistance area.

Curve DAO Token (CRV) has broken out from a descending resistance line.

Nano (NANO) is following a long-term ascending support line.

BTC

BTC had been trading inside a symmetrical triangle since reaching a low on May 19. After consolidating for nearly a month, BTC finally broke down on June 7. 

So far, it has reached a low of $32,351.

The main support level is found at $27,050. This is the 0.618 Fib retracement level of the entire upward movement measuring from March 2020.

The wave count also provides a target between $24,200 and $22,100, slightly below this long-term support area.

BTC Chart By TradingView

ETH

ETH has been increasing since May 23, when it bounced at the $2,050 support area. The upward movement took it to a high of $2,910, made between the 0.382-0.5 Fib retracement resistance level. 

In addition, it validated a descending resistance line for the fourth time. 

Currently, ETH is in the process of creating a higher low relative to that of May 30. 

If it fails, it could potentially fall back to the $2,050 support area once again.

ETH Chart By TradingView

XRP

On May 23, XRP reached the $0.65 support area and bounced. It reached a local high of $1.07 three days later. 

Despite creating a higher high, it failed to reclaim the $1.05 resistance area and was rejected by it twice (red icons). It has been falling since. 

The next closest support area is found at $0.65.

XRP Chart By TradingView

BAT

BAT has been increasing since bouncing on May 23. The upward movement looks impulsive. In addition, the overlap above the previous low of $0.85 (red line) indicates that the previous decrease was a corrective structure.

Despite this, BAT has already created a lower high and could be in the process of creating a lower low. If so, the main support area would be found at $0.55. This is the 0.786 Fib retracement support level and the support line of a descending parallel channel.

BAT Chart By TradingView

XMR

XMR has been increasing since bouncing on May 19. After being rejected by the $305 resistance area, it created a slightly higher low on May 23, validating the $180 area as support. 

Since then, it has been rejected once more by the $305 résistance area (red icon) on June 3. 

Currently, XMR is in the process of falling towards the $180 support once more.

XMR Chart By TradingView

CRV

CRV has been increasing since bouncing on May 23. On June 1, the increase caused a breakout from a descending resistance line that had been in place since the May highs. 

CRV continued to increase until it managed to reach a high of $2.90. 

However, it was rejected by the 0.5 Fib retracement resistance level and has been decreasing since. 

The main support area is found at $1.75 — the 0.618 Fib retracement support level.

CRV Chart By TradingView

NANO

NANO has been following an ascending support line since Jan. 11. 

Since then, it has touched the line five times, most recently on May 21. 

However, NANO was rejected on June 4 and has been moving downwards since. 

The trend can be considered bullish as long as it’s is trading above the long-term support line.

If NANO breaks down, the closest support level would be found at $4.30. 

NANO Chart By TradingView

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Source: https://beincrypto.com/btc-eth-xrp-bat-xmr-crv-nanotechnical-analysis-june-8/