Bitcoin and its buddies are still surging recently, but just how high can they go?
Check out this ranking of bitcoin and other altcoins for the past seven days:
Bitcoin is within striking distance of its all-time highs near the $20,000 mark, which might hold as a strong ceiling.
Stochastic has been hovering around the overbought zone for quite some time, and turning lower could confirm that sellers are taking over.If that’s the case, price could retreat to long-term support levels like the area of interest at $12,000 or the key support level around $4,000.
Then again, the 100 SMA just crossed above the 200 SMA to hint that there’s a chance the resistance could be broken.
Ethereum has formed higher lows and higher highs to cruise inside an ascending trend channel on its short-term chart.Price is testing the top of the channel, which might keep gains in check for the time being. If so, a correction to support areas marked by the Fibonacci retracement tool might follow.
Buyers might be waiting around the 38.2% Fib that lines up with the mid-channel area of interest or at the 61.8% Fib that’s closer to the channel bottom.
The 100 SMA is still slightly above the 200 SMA to signal that support levels are more likely to hold than break, and these moving averages are in line with the 50% Fib to add to its strength as support.
Litecoin looks prime for a long-term reversal as price is forming a double bottom on its weekly time frame.
A break past the neckline around $75 could confirm that an uptrend would follow, possibly lasting by the same height as the chart formation which spans around $50.
Stochastic has some room to climb before indicating overbought conditions or exhaustion among buyers, so there might still be some bullish pressure left.
Just be careful when going long, though, since the 100 SMA is still below the 200 SMA to hint that sellers have the upper hand.
XRP might also be in for a long-term climb as price is forming an inverted head and shoulders on the weekly time frame.A test of the neckline appears to be taking place, and an upside breakout could set off a climb that’s at least the same height as the chart pattern.
The 100 SMA has already crossed above the 200 SMA to confirm that the climb is likely to gain traction from here, and these moving averages are holding as dynamic support levels.
However, Stochastic has already reached the overbought zone to reflect exhaustion among bulls, and turning lower could suggest that bears are taking over.
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!