Cryptocurrencies were mostly in the green for the past week, with the exception of XRP which is down by 1.52%.
ETH is leading the pack with an impressive 5.16% increase, followed by BTC which is up by 2.64%.
Check out this ranking of bitcoin and its buddies for the past seven days:
Bitcoin is starting a fresh bullish trend as it formed higher lows and higher highs inside a new rising channel on the 1-hour chart.The latest rally hit a ceiling at the top of the ascending channel, spurring a pullback to the 38.2% Fib near the mid-channel area of interest. A larger correction could find more buyers at the 61.8% retracement level or the channel bottom around $9,400.
Stochastic is still pointing down to suggest that sellers have the upper hand at the moment. This means that the bounce might have to wait until oversold conditions are met!
Ethereum might be in for another leg higher as it formed a bullish flag consolidation pattern just below the $247 mark.A break above this level could trigger a rally that’s the same height as the flag’s mast. A move lower, on the other hand, could suggest that a correction is due, especially while Stochastic is still pointing down.
Applying the handy-dandy Fib tool on the latest swing low and high shows that the 61.8% level lines up with an area of interest and an ascending trend line. The 100 SMA just crossed above the 200 SMA to indicate that support levels are more likely to hold than to break.
Litecoin is in consolidation mode as it formed lower highs and higher lows to create a symmetrical triangle on its short-term time frame.Price is currently testing the triangle top, still deciding whether to make a bounce or a break. If resistance holds, another move back to the triangle bottom around $43.50 could be in order.
An upside breakout, on the other hand, could be followed by a rally that’s the same size as the triangle formation. Note, however, that the 100 SMA is still below the 200 SMA to hint that resistance is more likely to hold than to break.
XRP could be in for a big break soon as the price is approaching the end of its triangle chart pattern visible on the 1-hour chart.Of course bulls would have to charge past the strong resistance around the 0.1900 handle before heading on a rally that’s the same height as the triangle chart pattern.
Technical indicators are suggesting that the triangle top is more likely to keep gains in check, though. The 100 SMA is below the 200 SMA to indicate that sellers have the upper hand while Stochastic looks ready to turn lower before even reaching the overbought zone.
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!