Check out this ranking of bitcoin and its buddies for the past seven days:
Bitcoin has formed lower highs and found support at $9,980, creating a descending triangle on its 1-hour time frame.Price is hanging out around the bottom of the chart pattern, still deciding whether to make a bounce or a break. A move below support could set off a drop that’s around the same height as the triangle, which spans around a thousand bucks.
If the bottom of the triangle is enough to keep losses in check, bitcoin could recover to the resistance or perhaps attempt a break higher. Keep in mind, though, that the 100 SMA is below the 200 SMA to hint that support is more likely to break than to hold.
Ethereum is also in consolidation mode as it formed higher lows and higher highs inside a symmetrical triangle on its short-term chart.Price is at the bottom of the triangle and might be mulling a break lower as moving averages reflect the presence of bearish pressure. The 100 SMA dynamic resistance is close to the top of the triangle to add to its strength as a ceiling in the event of a bounce.
Litecoin is also chillin’ like a villain inside a symmetrical triangle pattern on its 1-hour time frame, still trying to decide which direction to take.
The 100 SMA is below the 200 SMA to signal that the path of least resistance is to the downside, likely resulting in a continuation of the longer-term slide.
Stochastic is also turning lower without even reaching the overbought zone, suggesting that sellers eager to take over from here.
XRP is also stuck inside a descending triangle pattern but might be due for a breakout sooner or later.Technical indicators are looking mixed, though. Any guesses which way it could go?
Stochastic is still on the middle ground to reflect consolidation, barely offering strong directional clues at the moment. Still, it’s helpful to note that the oscillator is on the move up, so there may be some bullish pressure in play.
However, the 100 SMA is below the 200 SMA to confirm the presence of bearish momentum, which might be enough to drag XRP further south.
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!