It looks like bitcoin and its buddies are in for another wave higher, so it’s time to bust out the Fib tool to see where prices are headed next!
Check out this ranking of bitcoin and other altcoins for the past seven days:
Bitcoin is hovering around its all-time highs once more as bulls attempt to set a new record. More buyers might be waiting at nearby support levels marked by the Fibonacci retracement tool.Price is already finding some support at the 38.2% level but could still dip to the 50% Fib that lines up with the mid-channel area of interest. A larger pullback could reach the 61.8% level at $17,819 or the channel bottom closer to $17,000.
Ethereum already seems to have completed its retest of a broken resistance level and is resuming its climb to the next upside targets.The Fibonacci extension tool shows the levels that bulls might be aiming for, and price is already hitting the 50% mark that lines up with the swing high.
Stronger bullish momentum could take it up to the 61.8% Fib extension at $639.18 or all the way to the full extension at $735. After all, the gap between the moving averages is widening to reflect strengthening buying pressure.
Litecoin also completed its break-and-retest of a former resistance zone and is now testing the ceiling at the 50% Fibonacci extension.
Stochastic is turning higher and has plenty of room to move north, so price could follow suit while buyers have the upper hand. This could be enough to take litecoin to the next bullish target at the 61.8% level at $97 or the full extension at $117.
The 100 SMA is above the 200 SMA to confirm that the path of least resistance is to the upside.
XRP/USD: 1-hourbreak above the triangle top around .6675 could be followed by a rally of the same height as the chart pattern. On the flip side, a move below support at .6000 could trigger a selloff of the same size as the triangle.
The 100 SMA is just slightly above the 200 SMA, for now, to suggest that buyers have the upper hand, and these indicators are holding as a dynamic support.
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!