BTC, ETH, XRP, ENJ Technical Analysis – 8 September
Briefly –
- Bitcoin bounced at the horizontal support zone at $43,900.
- XRP and ETH trade beyond horizontal support areas.
- ENJ trades within an ascending parallel price channel.
BTC
Bitcoin attained a $52,620 high on 7 September. However, the flagship token experienced drastic plummets to $42,483 low the same day. After the plunge, Bitcoin bounced significantly, forming a lower wick. The bounce had the crypto validating $43,900 as its support. The area now acts as horizontal support and the 0.382 Fibonacci retracement support.
Though the digital coin bounced, its daily time-frame technical indicators turned bearish. For instance, the Relative Strength Index crossed beneath the 50-level. Keep in mind that the price indicator maintaining above this level catalyzes uptrends. Also, the moving average convergence divergence (MACD) turns negative.
Ethereum has registered upside moves since 20 July. At the start of August, the altcoin battled to mover over the resistance at $3,330. However, ETH succeeded in a breakout on 31 August, attaining the $4,027 high on 3 September.
Meanwhile, the token started downswings since then, accelerating its plunging rate on 7 September. A significant bearish divergence in the MACD and the RSI preceded the token’s drop. The crypto plummeted to $3,005 before bouncing the same day, creating a long minor wick. With that, ETH validated $3,330 as its support.
XRP
XRP witnessed its value surging since 22 June. The alt formed a higher low on 20 July before accelerating its uptick rate. On 13 August, XRP broke out of the horizontal resistance at $1.05 and confirmed the area its support on 19 August.
XRP extended its money-making moves to attain a $1.41 high on 6 September before declining. Meanwhile, MACD and the RSI bearish divergence preceded the asset’s plunge. Though the altcoin trades beyond the horizontal support at $1.05, it appears to end its uptrends.
ENJ
ENJ has climbed within an ascending channel since 23 May. On 30 August, the token reached the channel’s resistance line and faced rejection. On 7 September, ENJ started dropping sharply. However, the crypto bounced around the channel’s middle. The token has to maintain its trading actions inside the top part of the channel to support breakouts in the future.
However, the token’s technical indicators turn bearish, invalidating the probability of a possible breakout.
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