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.
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.
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 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.
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.
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.
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.