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BTC, ETH, XRP, WAVES, SXP, DOGE, ZEN —Technical Analysis for May 4

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Table of Contents

BTC (BTC) was rejected by the $56,000 resistance area.

ETH (ETH) and Swipe (SXP) reached new all-time high prices on May 3. 

XRP (XRP) has broken out from a descending resistance line.

Waves (WAVES) has been increasing rapidly over the past ten days, and has reached a potential reversal area.

Horizen (ZEN) has been decreasing since creating a double top pattern on April 27.

Dogecoin (DOGE) reached a new all-time high price on May 4.

BTC

BTC had been following an ascending support line beginning on April 26. It continued increasing alongside this line, until it reached a high of $56,000 on May 3. The high was made right at the 0.618 Fib retracement level, when measuring the previous downward movement. 

Afterwards, BTC broke down and has been decreasing since. So far, it has bounced at the 0.382 Fib retracement support at $54,400. The next support area is found at $53,000, which is both the 0.5 Fib retracement support level and a horizontal support area.

BTC is expected to find support at one of these two levels and create a higher low. Afterwards, the upward movement is likely to continue.

BTC Ascending Support
Chart By TradingView

ETH

ETH has been increasing at a rapid pace since Feb. 28, when it reached a low of $1,468. On May 3, it reached a new all-time high price of $3,454. 

The high was made right at the 1:1 Fib projection of waves 1-3 (white). If wave five extends, the next resistance would be found at $4,561. 

Technical indicators are still bullish, as evidenced by the bullish cross in the Stochastic Oscillator.

ETH All-Time High
Chart By TradingView

XRP

XRP has been moving upwards since April 23. Shortly afterwards, it broke out from a descending resistance line. It continued moving upwards all the way to $1.63, before decreasing. 

Currently, it is attempting to find support and create a higher low at either the 0.382 or 0.5 Fib retracement levels. They are found at $1.36 and $1.27, respectively.

Afterwards, it is likely to increase all the way to $2.70.

XRP Breakout
Chart By TradingView

WAVES

WAVES has been moving upwards rapidly since April 23. The increase further accelerated on May 3 and May 4, leading to a new all-time high price of $41.8 on the latter.

The closest resistance areas are found at $44 and $54, the 3.61 and 4.61 external Fib retracements, respectively.

WAVES Movement
Chart By TradingView

SXP

SXP has been moving upwards since April 23. The increase continued until May 3, when it reached a new all-time high price of $5.87 on May 3. 

However, the price has been moving downwards since. It is approaching two support levels, found at $4.66 and $4.28. They are created by the 0.5 & 0.618 Fib retracement support levels, respectively. The latter is also a horizontal support area.

After reaching them, SXP is expected to increase well into double digits.

SXP Movement
Chart By TradingView

ZEN

ZEN has been moving downwards since April 27, when it reached a high of $138.98 and created a double top pattern. 

So far, it has managed to reach a low of $107.55.

Technical indicators have turned bearish. Both the MACD & RSI have generated bearish divergence. In addition, the Stochastic Oscillator has made a bearish cross. 

It is possible that ZEN is in the C wave of an A-B-C corrective structure, which could take it back to the $85 support area.

ZEN Breakout
Chart By TradingView

DOGE

DOGE has been moving upwards since April 23. On May 4, it managed to reach a new all-time high price of $0.495.

Technical indicators are still bullish, supporting the continuation of the upward movement. 

The next resistance area is found at $6.26. This is the 1.61 external Fib retracement of the most recent drop.

DOGE All-Time High
Chart By TradingView

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

The post BTC, ETH, XRP, WAVES, SXP, DOGE, ZEN —Technical Analysis for May 4 appeared first on BeInCrypto.

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