BTC, ETH, XRP, WAVES, SXP, DOGE, ZEN —Technical Analysis for May 4
Bitcoin (BTC) was rejected from the resistance area of $ 56,000.
Ethereum (ETH) and Swipe (SXP) hit new highs on May 3.
XRP (XRP) has broken out of a descending resistance line.
The waves (WAVES) have been increasing rapidly in the past ten days and have reached a potential reversal zone.
Horizen (ZEN) has gone down since a double-top pattern was created on April 27th.
Dogecoin (DOGE) hit a new high on May 4th.
BTC had been tracking rising support as of April 26th. It continued to rise along that line until it hit a high of $ 56,000 on May 3rd. The high was hit exactly at the 0.618 Fib Retracement level when the previous downward move was measured.
After that, BTC collapsed and has been declining ever since. So far, it has rebounded in support of the fib retracement from 0.382 at $ 54,400. The next area of support is at $ 53,000. This corresponds to both the 0.5 fib retracement support level and a horizontal support area.
At either of these two levels, BTC is expected to find support and create a higher low. Thereafter, the upward trend should continue.
ETH has grown rapidly since Feb.28 when it hit a low of $ 1,468. On May 3, it hit a new all-time high of $ 3,454.
The high was made directly on the 1: 1 Fib projection of waves 1-3 (white). If wave five extends, the next resistance would be at $ 4,561.
The technical indicators are still bullish as shown by the bullish cross in the Stochastic Oscillator.
XRP has been moving up since April 23rd. Shortly after, it broke out of a descending line of resistance. It continued to move higher to $ 1.63 before declining.
It is currently trying to find support and make a higher low on the retracement levels of 0.382 or 0.5 Fib. They are $ 1.36 and $ 1.27, respectively.
After that, it should rise to $ 2.70.
WAVES has been moving up rapidly since April 23rd. The surge accelerated further on May 3rd and 4th, bringing the latter to a new all-time high of $ 41.8.
The closest resistance areas are at $ 44 and $ 54, with the external fib retracements at $ 3.61 and $ 4.61, respectively.
SXP has been moving up since April 23rd. The surge continued through May 3, when it hit a new all-time high of $ 5.87 on May 3.
However, since then the price has moved down. It is approaching two levels of support which are at $ 4.66 and $ 4.28. They are created by the support levels 0.5 and 0.618 fib retracement. The latter is also a horizontal support area.
After reaching these values, it is expected that SXP will increase significantly in double digits.
ZEN has been moving down since April 27 when it hit a high of $ 138.98 creating a double top pattern.
So far, it has managed to hit a low of $ 107.55.
Technical indicators have turned bearish. Both the MACD and RSI have caused bearish divergence. In addition, the Stochastic Oscillator made a bearish cross.
It is possible that ZEN is in the C-wave of an A-B-C corrective structure that could bring it back into the USD 85 support area.
DOGE has been moving up since April 23rd. On May 4th, it managed to hit a new all-time high of $ 0.495.
The technical indicators remain bullish and support the continuation of the uptrend.
The next area of resistance is at $ 6.26. This is the external fib retracement from 1.61 of the last fall.
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