It looks like bitcoin and its buddies were able to complete their corrections and trends are ready to resume.
Check out this ranking of bitcoin and its buddies for the past seven days:
Bitcoin appears to be done with its retest of the area of interest around $10,200 and is now setting its sights on the next upside targets.The Fibonacci extension tool shows where buyers might be looking to lock in profits, with price already hitting a ceiling off the 61.8% level. Stronger bullish momentum could still take BTC up to the full extension at $11,452.10.
The 100 SMA is just starting to cross above the longer-term 200 SMA to confirm that bullish pressure is just about to pick up, but Stochastic seems to have some room to head lower so price could follow suit.
Ethereum made a couple of failed attempts to break below the $300 level, creating a double bottom pattern on its 4-hour chart.Price has yet to test the neckline at $400 and break above it to confirm that a reversal from the selloff is in order. It doesn’t help that technical indicators are suggesting that bears could stay in control, though.
For one, the 100 SMA is still below the 200 SMA and isn’t showing signs of making a bullish crossover yet. Stochastic is also heading south to signal that sellers still have the upper hand. In that case, there’s a chance that resistance levels could hold and push ether back to the lows.
The 38.2% level is at $43.56 then the 50% level lines up with the swing low, which makes it a potentially strong floor. The 100 SMA is safely below the 200 SMA to reflect the presence of bearish pressure that could be enough to take price to the 61.8% extension at $41.28 or all the way down to the full extension.
Stochastic has some room to move lower before reflecting exhaustion among sellers, but the oscillator already seems to be bottoming out to signal that buyers are eager to take over.
XRP is in the middle of that break-and-retest situation we were eyeing last week, and it looks like the area of interest is keeping gains in check as expected.If the selloff resumes from here, XRP could make its way down to the downside targets. The 50% Fib extension level is close to the 0.2300 psychological mark while the 61.8% Fib lines up with the swing low at 0.2250. The full extension is right on the 0.2100 handle.
Just be careful when shorting since the 100 SMA just crossed above the 200 SMA to suggest that bulls are ready to charge!
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!