Check out this ranking of bitcoin and its buddies for the past seven days:
Bitcoin has broken above the key 12,000 mark to reach highs not seen since July 2019.Can the bulls sustain the upside breakout? See, Stochastic is poppin’ up lower highs even as price makes higher highs. This suggests that momentum is slowing down despite bitcoin hitting them headline-making highs.
If BTC/USD can’t stay above 12,000 in the next couple days, then we could see the pair dip back to the 11,250 – 11,500 range zone. If bulls manage to keep price above the 12,000 mark, however, then y’all could eye the 13,200 – 13,500 previous areas of interest as potential profit targets.
Ethereum is chillin’ inside a $25 range after breaking above the key $400 mark last week.
Its current levels are a good place to buy if you feel like trading the range or if you believe that we’re looking for a bullish flag breakout in the making. Of course, you can also wait for the 200 SMA to catch up if you’re not too sure about further gains for ETH/USD.
If ETH/USD breaks below its $420 (heh) support, then we could see $400 turn into a support level for the bulls.
Litecoin has broken above the descending channel that we were looking at last week and is now approaching its February highs.
But before the bulls reunite with the 2020 highs, they first have to get past the symmetrical triangle on the 1-hour chart. As you can see, LTC/USD is making lower highs even as it makes higher lows.
A break above the triangle could push LTC above the $70 mark, while a downside breakout could drag it back closer to the 100 SMA.
Earlier this week we saw XRP break above its $.3050 resistance to trade just above $.3250.
The breakout was NOT sustained, however, and now XRP is back to trading just under the previous resistance level.
Bulls can keep an eye out for a break-and-retest play as buyers become aware that XRP/USD is sitting on a 61.8% Fib retracement on the 1-hour chart. The 100 and 200 SMAs are also not too far from current prices, which can limit any bearish pressure.
If this is your first time checking out crypto charts, keep in mind that there is a considerable amount of risk in trading cryptocurrencies due to their inherent volatility and sensitivity to headlines. Be careful out there!