I’m seeing some upside breakouts and bullish patterns on the crypto charts lately!
Where are bulls headed next? Let’s take a look at the altcoin charts to find out.
Bitcoin busted through its descending triangle resistance to show that bulls have won this round and could take prices further up.Applying the Fibonacci extension tool shows the next potential upside targets, and it looks like price is testing the nearest resistance at the 38.2% level. Stronger bullish momentum could take it up to the 50% level near $37,000 or the 61.8% Fib around $38,000.
The 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the upside or that more gains are in the cards. However, Stochastic is in the overbought zone to reflect exhaustion among buyers.
This level might be enough to keep gains in check and spur another correction for ETH. Then again, sustained bullish pressure could take price all the way up to the full extension at $1640.
The 100 SMA is above the 200 SMA, but the gap between the indicators is narrowing to signal slowing upside momentum. Stochastic is on the move up but is closing in on the overbought zone to hint that buyers could use a break.
Litecoin is pacing back and forth inside a range with support around $125.60 and resistance near $146. Price is currently testing the top of the range, still deciding whether to make a bounce or a break.The moving averages just made a bullish crossover to suggest that an upside breakout is possible, likely sending LTC higher by the same height as the rectangle formation.
However, Stochastic has been indicating overbought conditions for quite some time, and turning lower would confirm that sellers are back in the game. If that’s the case, another dip to support might follow.
XRP bulls came out to play lately, leading to a sharp price surge to levels not seen since November last year.
The retracement was just as quick as the rally, though, taking XRP back down to the former resistance at 0.3300. If this area of interest keeps holding as support, price could recover to the next upside targets marked by the Fib extension tool.
After all, Stochastic is already indicating oversold conditions and turning higher would mean that bulls are ready to charge again. The 100 SMA also crossed above the 200 SMA to indicate that bullish momentum is building up.
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!