A lack of market-moving catalysts encouraged some profit-taking and pulled the major cryptocurrencies from their key resistance levels this week.
ETH, which saw a 10.35% jump in the last update, lost half of its move in the last seven days. BTC and XRP took the least hits with 3.5% pullbacks from last week’s prices.
Check out this ranking of bitcoin and its buddies for the past seven days:
Bitcoin has failed to sustain its gains above the key 12,000 handle and has since settled inside a tight range just under the psychological mark.Can the bulls hold on to the range support? BTC/USD has just bounced from the level while Stochastic is partying around the oversold levels.
If the 100 SMA crossing below the 200 SMA encourages enough selling to break below the 11,200 range bottom, then bitcoin could revisit its late July support near 11,000. If 11,200 holds as support, however, then BTC/USD could keep trading inside the range until we see a fresh catalyst.
The 400 mark is a good area to target if you’re buying ETH these days. See, it lines up with not only a key resistance back in late July but is also near the channel and 200 SMA resistance on the chart.
If you’d rather wait for an opportunity to sell, then you can watch how the pair trades inside the channel and then aim to short somewhere near the SMAs or the channel resistance levels.
Mark 370.70 as potential support since it has successfully supported ETH back in late July and early August.
Litecoin is locked inside another falling wedge after breaking above a similar pattern earlier this month.
Falling wedges point to potential bullish runs so LTC/USD’s current levels are lookin’ hot if you’re planning on buying more of them litecoins.
The top of the pattern is a good place for initial profit targets though you can also hold on to your positions until we see an upside breakout.
If bulls can’t hold on to the 57.00 support, then we could see LTC/USD drop back to the 52.50 support levels from late July and early August.
For a second time this month, XRP turned lower from the .3250 resistance area.
XRP/USD is now forming what looks like a double top pattern with its “neckline” around the .2725 support. If buyers manage to hold the fort at the level, then we could see the pair pop back up to .2850 or even its .3025 previous areas of interest.
If XRP/USD breaks below the neckline, then we could be looking at a revisit of the .2400 previous area of interest.
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!