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BTC, ETH, XRP, XVG, REP, BTG, HNT—Technical Analysis June 9

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Bitcoin (BTC) has broken down from a symmetrical triangle.

Ethereum (ETH) is following a descending resistance line.

XRP (XRP) has broken down from a descending parallel channel.

Verge (XVG) is trading inside a short-term ascending parallel channel.

Augur (REP) is following an ascending support line.

Bitcoin Gold (BTG) has been rejected by the $72 resistance area.

Helium (HNT) has bounced at the $11.60 support area.

BTC

On June 7, BTC broke down from a symmetrical triangle and proceeded to reach its lowest close since Jan. 27. The next day, it reached a low of $31,000 before bouncing, creating a long lower wick (green icons) in the process.

There are some bullish reversal signs in place, such as a bullish divergence in the RSI. However, the Stochastic oscillator is close to making a bearish cross once again.

The closest support area is at $27,000, created by the 0.618 Fib retracement level.

In addition, the wave count provides a target between $24,200 and $22,100.

BTC Triangle breakdown

ETH

On May 23, ETH bounced at the $2,050 support area and proceeded to reach a high of $2,910. The high was made inside the 0.382-0.5 Fib retracement resistance level.

Currently, it’s following a descending resistance line. So far this resistance has been validated four times, most recently on June 7 (red icon).

ETH is currently decreasing, attempting to find support in order to create a higher low relative to that of May 23. However, both the MACD and RSI are bearish.

The closest support levels are found at $2,182 and $1,983. These are the respective 0.618 and 0.786 Fib retracement support levels.

ETH Resistance Line

XRP

XRP has been moving upwards since bouncing on May 23. It continued to increase until May 26, reaching a high of $1.07.

Since then, it has made two more attempts at breaking out above $1.05, both of which have been unsuccessful.

After the third-and-final rejection on June 3, XRP began to decrease inside a descending parallel channel. It broke down from this channel on June 7 and is in the process of validating it as resistance (red icons).

The main support area is at $0.80. A breakdown below this level could trigger a sharp drop towards the May 23 lows of $0.65.

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