I’m seeing strong bullish trends on the crypto charts these days! Here are some setups to watch if you wanna go with the flow.
Check out this ranking of bitcoin and other altcoins for the past seven days:
Bitcoin is closing in on its all-time highs as it formed higher lows and higher highs inside a rising channel on the 1-hour chart.More gains could be in the cards since the 100 SMA is safely above the 200 SMA to signal that the uptrend is likely to carry on. However, the top of the channel is holding as resistance while Stochastic is heading south, so a correction may be in order.
Price seems to be finding support at the 38.2% Fib that lines up with the mid-channel area of interest, but a larger pullback could still reach the 61.8% Fib that’s closer to the channel support at $18,500.
Ethereum also seems to be in correction mode as price is stalling around the $600 area. Applying the handy-dandy Fib retracement tool shows where more buyers might be waiting to hop in.The 61.8% level coincides with a rising trend line that’s been connecting the lows since the start of the month. This is also near the 200 SMA dynamic support which adds to its strength as a floor.
The 100 SMA is above the 200 SMA to confirm that support areas are more likely to hold than to break, and Stochastic is closing in on the oversold region to signal that sellers could pause soon.
Litecoin is cruising higher inside a rising channel that’s been holding since the middle of the month. Price is testing support and might be due for another bounce.
Stochastic is on middle ground, though, suggesting further consolidation and barely providing any directional clues. The moving averages seem to be in favor with the bulls since the 100 SMA is above the slower-moving 200 SMA.
If buyers are able to defend current levels, litecoin could bounce back to the channel top around $96 or at least until the mid-channel area of interest at $90.
XRP has been on quite a tear but is back to consolidation lately while bulls take a break from their charge. A break above the short-term triangle resistance at 0.7300 could confirm that a continuation of the strong rally is in order.The 100 SMA is above the 200 SMA to confirm that the uptrend is likely to resume, and the gap between the indicators is widening to signal strengthening bullish momentum.
Stochastic is pointing down, however, so a dip to the triangle bottom might take place. A break below this could still find buyers at the dynamic support around the moving averages.
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!