Can bitcoin and its buddies go for more gains? Better keep close tabs on these key levels on the crypto charts!
Check out this ranking of bitcoin and its buddies for the past seven days:
Bitcoin bulls have been charging recently, taking price past the $14,000 mark but taking a bit of a pause at the top of the ascending channel on its weekly time frame.A reversal candlestick appears to be forming at this area, and confirmation from the next candle could mean that a pullback to nearby support areas is due.
The moving averages made a bullish crossover to suggest that resistance is more likely to break than to hold, but Stochastic is closing in on the overbought zone to reflect exhaustion among buyers.
ETH/USD: 1-hourchannel support to resume. A larger pullback could test the 61.8% Fib that’s closer to the channel top.
Stochastic is already turning lower from the overbought zone to indicate that sellers are taking over while buyers take a break. The 100 SMA is still below the 200 SMA to confirm that the downtrend is likely to resume as well.
Litecoin seems to have completed its retest of the resistance-turned-support zone around $51 and is ready to resume its climb.
The Fibonacci extension tool shows the next potential upside targets. Bulls could set their sights on the 61.8% extension that lines up with the swing high or the full extension at $65.
A bullish divergence can be seen as price formed lower lows while Stochastic had higher lows, adding confirmation that bulls have the upper hand. The gap between the moving averages is widening to reflect strengthening bullish momentum, too!
XRP recently fell through the ascending trend line visible on its 4-hour chart and looks prime for a retest of this broken support.Applying the Fibonacci retracement tool on the breakdown reveals that the 61.8% level lines up with the former trend line and 0.2500 mark. Stochastic has some room to climb, so buyers might have a bit more energy to keep the correction going.
The 50% Fib is close to the moving averages’ dynamic resistance, where some sellers might be waiting. If any of the Fibs keep gains in check, XRP could slide back to the swing low or lower.
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!