Altcoins retreated from their recent rallies, but it looks like these could be opportunities for more bulls to join in.
BTC is still holding on to the top spot with the smallest loss of 4.60%, followed by BCH at -5.22%.
XRP is far behind the pack with a 9.13% loss.
Check out this ranking of bitcoin and its buddies for the past seven days:
Bitcoin tumbled upon reaching the $10,000 levels, but its uptrend remains intact. Price is still moving above the rising trend line connecting the lows since March this year.Support at the 50% Fibonacci retracement level also seems to be holding up well. A larger correction could reach the 61.8% Fib that’s closer to the trend line around the $8,020 level.
The 100 SMA is still above the 200 SMA, and the gap between the indicators is widening to reflect strengthening bullish momentum. Stochastic already turned higher without reaching the oversold region, hinting that bulls are eager to return.
Ethereum reversed from that longer-term uptrend we were looking at last week and is now starting to trade inside a descending channel on the 1-hour time frame.Price is currently testing support, so a bounce could take it back to the top or the nearby resistance levels shown by the Fib retracement tool.
The 61.8% Fib is right smack in line with the 200 SMA dynamic resistance while the 50% level is closer to the 100 SMA at the mid-channel area of interest.
Bears could be taking charge right now as stochastic is already heading south while price hits a ceiling at the 38.2% Fib. In that case, a move back to the swing low or the channel bottom might follow.
Litecoin fell sharply below support around the $45 level to hit a low of $39 before pausing from the slide. A correction might follow from here, and the Fib tool shows where bears might be waiting.Price is already bouncing off the 38.2% Fib, which might be enough to keep gains in check. The 61.8% retracement level coincides with the area of interest and also the 200 SMA dynamic inflection point, which could be the line in the sand for a pullback.
Stochastic is already heading south, so LTC could follow suit as bearish pressure is in play. Also, the 100 SMA is below the 200 SMA to confirm that the selloff is likely to pick up.
XRP also broke through a key support level and is pulling up from its dive. Technical indicators suggest that the selloff could carry on, but price might need to gather more bearish energy on this correction.The 50% level seems to be holding as a ceiling for now, but a larger pullback could still test the 61.8% Fib that’s closer to the broken support level and the moving averages.
The 100 SMA is safely below the 200 SMA to confirm that resistance is more likely to hold than to break, and stochastic is heading lower to reflect bearish pressure. In that case, XRP could fall back to the swing low again!
Just be warned, there is a considerable amount of risk in trading cryptocurrencies due to their inherent volatility and sensitivity to headlines. Be careful out there!