Ethereum has been trading within the $ 800 region for almost two weeks now, attempted to regain the $ 900 level, however its run was cut short by the strong
descending resistance line.
Not exact matches
The daily chart also gives us a view that suggests that XRP was likely to close (as at 5 March) above $ 1.04329 (
descending trend -
line resistance on the daily chart), signaling a bullish breakout on the charts.
Conversely, even if QQQ happens to bounce today (we must always be prepared for unlikely scenarios), it should find major
resistance at its intermediate - term downtrend
line (the
descending blue
line near $ 64.50), as well as the July 19th high of $ 65.31.
The RSI in the oversold zone also supports the possibility of a pullback, however, the BCH / USD pair will face selling at the 20 - day EMA, which is right at the
resistance line of the
descending channel.
So that, your chart, once plotted, gives you a series of parallel ascending /
descending trend / support and
resistance lines that tend to be respected or repeatedly tested, then broken by price action?
It has struggled running into
resistance within the $ 1,150 region, here lies a firm
descending resistance trend
line, that has been in play since last Monday.
The pressure seen for Bitcoin Cash to the downside, is pushing the crypto back towards an initially
descending trend
line, that had been acting as
resistance since December 2017.
The moving averages are also near the
descending trend
line, adding extra layers of
resistance in the event of another pullback.
Resistance is tracking at the upper trend
line of the
descending channel, $ 66.
It is still yet to make a convincing break over a strong proven
resistance descending trend
line.
Bitcoin price bounced off the
resistance of the
descending trend
line and area of interest, setting its sights on the next potential support levels.
If the sentiment improves across the sector, we expect the virtual currency to break out of the
resistance line of the
descending channel.