Bitcoin appears to be resuming its climb while the rest of its crypto buddies are stuck in long-term consolidation.
Will we see more gains soon?
Bitcoin bulls were able to defend the long-term rising trend line once more, and a test of the record high might be in order.Can bitcoin set a new ATH soon?
The Fibonacci extension tool shows the next potential upside targets, with the 61.8% level lining up with the swing high. The full extension is near the $69,000 mark where buyers might be aiming.
Technical indicators confirm a likely continuation of the rally, with the 100 SMA above the 200 SMA and Stochastic having room to climb before reflecting exhaustion among buyers.
Ether has formed lower highs and higher lows to consolidate inside a symmetrical triangle on its daily time frame.
Don’t look now, but price is sitting right at the top of the triangle! Will a bounce or break follow from here?
Moving averages suggest that a bullish breakout might be in order, as the 100 SMA is above the 200 SMA. However, Stochastic is approaching overbought conditions to signal that buyers might take a break and let sellers take over.
Better keep close tabs on the $1,900 mark to gauge if price is breaking past the triangle top. After all, this could set off a rally that’s a least the same height as the chart pattern!
Litecoin is also stuck inside a symmetrical triangle pattern, but this one has just recently bounced off support.Price has some room to climb before reaching the triangle top near the $225 level, and Stochastic is suggesting that bullish pressure could stay in play.
If bulls stay in control, an upside breakout could ensue, which might then lead to a long-term climb that’s the same size as the triangle. If resistance holds, on the other hand, litecoin could slump back to the triangle bottom around $180.
XRP might be itching to break out of its triangle pattern soon as the consolidation keeps getting tighter and tighter by the week!
But which way would it go?
Technical indicators are giving mixed signals, although it seems that sellers could have the upper hand.
For one, Stochastic is nearing the overbought zone to signal exhaustion among buyers and a potential takeover by sellers. Also, the gap between the moving averages is narrowing to reflect weakening bullish momentum and a likely bearish crossover.
Better watch out for a move below the 0.5000 mark since this could be enough to confirm a downside break!
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!