Bitcoin, which was down 3.58%, has the smallest loss among the pack.
Check out this ranking of bitcoin and its buddies for the past seven days:
Bitcoin is still stuck in consolidation as the price has formed higher lows and slightly higher highs inside a rising wedge. So much for that triangle breakout last week!Price seems to be attempting a break below support but has climbed back inside the wedge. Bulls might still have some energy left as the 100 SMA is above the 200 SMA to hint that the path of least resistance is to the upside.
However, Stochastic has already reached the overbought region to indicate that buyers are tired. Turning lower could confirm that sellers are taking over and might take bitcoin down by the same height as the chart pattern.
ETH/USD: 1-hour50% Fibonacci retracement level. A larger correction could reach the 61.8% level, which is right smack in line with an area of interest and the 200 SMA dynamic resistance.
The 100 SMA is safely below this slower-moving MA to confirm that the selloff is more likely to resume than to reverse. At the same time, Stochastic has started to move south, so the price could follow suit now that bearish momentum is picking up.
LTC/USD: 1-hoursupport. A correction to the 38.2% Fib and mid-channel area of interest is once again taking place, although a larger correction might still be possible.
Stochastic is pointing up to suggest that some bullish pressure is returning, possibly enough to take litecoin to the support-turned-resistance at the top of the channel.
XRP has formed lower highs and lower lows to consolidate inside a falling wedge pattern on its 4-hour chart.Support is currently being tested, possibly yielding a bounce back to the wedge resistance around .2070 next. However, Stochastic is already indicating overbought conditions or exhaustion among buyers
If sellers jump on this opportunity, a break below the bottom of the wedge could follow, resulting in a drop that’s the same height as the chart formation. The 100 SMA also seems to be attempting a downward crossover to draw more bears in.
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!