Altcoins are breaking past key levels these days, with some on track to test record highs. Any upside barriers to watch out for?
Check out this ranking of bitcoin and its buddies for the past seven days:
Bitcoin has zoomed past the strong ceiling at the $12,000 handle and is now testing a key level at the top of the ascending channel and last year’s highs.If bears defend this resistance level, bitcoin could retreat to nearby support areas or the mid-channel area of interest at $10,000. Stochastic has room to climb but is nearing the overbought zone to signal exhaustion among bulls.
The 100 SMA just crossed above the 200 SMA to confirm that bullish momentum is picking up, and price is moving above both indicators as additional confirmation of buying pressure.
Ethereum is also cruising inside its rising channel but appears to be hitting a roadblock at the mid-channel area of interest.This lines up with the 50% Fibonacci extension level where buyers might be looking to book some profits. If bullish momentum stays on, though, price could keep climbing until the channel top or the full extension at $438.77.
The gap between the moving averages is starting to narrow, hinting that a bearish crossover might be due. If that happens, ETH could dip back to the channel bottom, especially with Stochastic already turning lower.
Litecoin followed through on its reversal confirmation that we were eyeing last week, creating a fresh rising channel on its 1-hour time frame.
Price just blasted through the middle of the channel and is now setting its sights on the resistance past the $61 level. The 100 SMA is safely above the 200 SMA to indicate that the uptrend is likely to carry on, possibly even spurring an upside breakout and a steeper climb.
Just be careful when going long since Stochastic is already hovering around the overbought zone to suggest that buyers could use a break!
XRP is still hanging out inside its rising wedge consolidation pattern and has just bounced off support.Price could be eyeing the wedge resistance at 0.2640 from here. After all, Stochastic turned higher without even reaching the oversold area, which suggests that buyers are eager to return.
Also, the 200 SMA has held as dynamic support while the 100 SMA moves above it to signal that the climb could continue.
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!