Bitcoin and altcoins are at it again!
I’m seeing another set of all-time highs on the crypto charts, but there could be room for more corrections.
Will more bulls hop in soon?
Bitcoin has been on a tear once more, but it looks like the price is stalling at the $48,000 area. A quick pullback to nearby support levels could entice more bulls to join in!The handy-dandy Fibonacci retracement tool shows that the 61.8% level is close to a rising trend line support that’s been holding since late last month.
This is also in line with the 100 SMA dynamic inflection point, which is above the 200 SMA to confirm that the path of least resistance is to the upside.
Stochastic is pointing down, for now, to show that buyers are taking a break, so the correction could go on until oversold conditions are met.
Ethereum might have its eyes set on the $1,979 mark or the full Fibonacci extension visible on its 4-hour time frame.
Price is hitting a ceiling at the 61.8% Fib extension at the moment, as this lines up with the strong resistance at the swing high. Stochastic is indicating overbought conditions, which suggests that bearish pressure might return.
Then again, the 100 SMA is safely above the 200 SMA to indicate that the uptrend is more likely to resume than to reverse.
Litecoin is within striking distance of its all-time high, and technical indicators are hinting that resistance is likely to hold.The moving averages are oscillating to reflect range-bound conditions, with the 100 SMA below the 200 SMA. Stochastic is already in the overbought region to show that buyers are feeling exhausted.
Turning lower could confirm that LTC might retreat from the highs, possibly dipping to support at $123 or at least the area of interest around $158.
XRP is cruising in a fresh rising channel on its 1-hour chart after its volatile run last week.Price has bounced off the channel top and could be due for a correction to nearby support levels marked by the Fibonacci retracement tool. The 38.2% Fib that lines up with the mid-channel area of interest appears to be holding, though, and XRP could revisit the swing high or channel resistance soon.
Stochastic has room to climb, which means that buyers have some energy left, but the oscillator is also closing in on the overbought region.
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!