BTC, XRP, ETH, BAND, ICX, IOTA, CAKE: Technical Analysis For April 8

Bitcoin (BTC) is trading inside a short-term descending channel. A breakout is expected.

Ethereum (ETH) has broken out and is validating a horizontal level as support.

XRP (XRP) has broken out but is currently retracing in the short-term.

Band Protocol (BAND) has broken out from a descending resistance line and reclaimed a horizontal resistance level afterward.

Icon (ICX) has broken out above the $2.30 resistance level and is now validating it as support.

IOTA (IOTA) has completed a running flat correction. 

PancakeSwap (CAKE) has broken out from the $19 resistance area.

Bitcoin (BTC)

BTC has been moving downwards since April 2, when the $59,500 resistance area rejected it. 

Since then, it has been trading inside a descending parallel channel in what is likely to be a corrective structure.

Furthermore, both the short-term RSI & MACD have generated bullish divergence. 

Therefore, BTC is expected to eventually break out from this channel.

Ethereum (ETH)

ETH broke out on April 2 and proceeded to reach a new all-time high price of $2151 a few days later. 

The token has been decreasing since but is in the process of validating the $1940 area as support.

ETH is expected to bounce and gradually increase towards a new all-time high. A potential target for the top of this movement is found near $3000.

XRP (XRP)

XRP increased rapidly after breaking out on April 4.

Despite the increase, it is currently retracing in the short-term.

The decrease resembles a fourth wave pullback. Afterward, this move has a potential target near $1.35.

However, XRP could decrease all the way to $0.70 (middle of the channel), and this would still be considered a valid formation.

Band Protocol (BAND)

BAND had been following a descending resistance line since Feb. 12, when it reached an all-time high price of $20.62. 

It managed to break out on March 31 and reclaimed the $15.70 resistance area afterward. Currently, it is in the process of re-testing it as support.

The ensuing upward movement is expected to take it at least to $27. 

Icon (ICX)

After breaking out on March 28, ICX reached a high of $3.20 on March 31. Afterward, it returned to validate the $2.30 area as support.

After that, the token managed to break out from a descending resistance line. Therefore, it is expected to increase towards the $3.20 high and potentially go as far as $4.30.

IOTA (IOTA)

On Feb. 19, IOTA reached a high of $1.70. Since then, it has been gradually moving upwards. 

The movement since looks like a completed running flat.

Also, technical indicators look bullish, as evidenced by the bullish cross in the Stochastic oscillator.

A potential target is found at $2.75.

PancakeSwap (CAKE)

CAKE has been increasing since Feb. 28. After getting rejected on March 28, it managed to break out above the $19 resistance area a few days later. 

The next resistance area is found at $30.

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

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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-xrp-eth-band-icx-iota-cake-technical-analysis-for-april-8/