It looks like crypto bulls are back in action!
I’ve got my sights set on these next potential upside targets seen on the long-term charts of bitcoin and its buddies.
Bitcoin bounced off that long-term area of interest we were watching last week and has gained enough upside momentum to reach the first upside target.Can bulls take BTC to higher levels from here?
Technical indicators are suggesting a continuation of the climb, with the 100 SMA above the 200 SMA to confirm that the path of least resistance is to the upside and Stochastic having some room to climb.
In that case, bitcoin might make its way up to the 50% extension that lines up with the swing high or perhaps all the way up to the full Fibonacci extension at the $72,500 area.
Ether also found buyers at the resistance-turned-support zone visible on the daily time frame and is now testing the 50% Fib extension level.
Bulls could keep charging from here, as the 100 SMA is increasing its lead over the 200 SMA to reflect strengthening buying pressure.
In that case, ether could still climb to the 61.8% extension that coincides with the swing high at $1,985 or even up to the full extension at $2410.
Just be on the lookout for Stochastic inching closer to the overbought zone to indicate exhaustion among buyers soon!
Litecoin bulls also appear to be defending the ascending trend line support on its daily chart. Price is back above the $200 mark and might have more upside from here.
How high can bulls go?Stochastic has a bit more room to climb before reflecting overbought conditions while the 100 SMA is safely above the 200 SMA, confirming that more gains are in the cards.
If this keeps up, litecoin could test the resistance at the swing high, which happens to line up with the 61.8% extension at $235.
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!