I’m seeing plenty of bullish breakouts on the crypto charts lately!
Can these altcoins sustain their rallies?
Bitcoin seems to be back in consolidation, as price made lower highs recently and appears to be inside a symmetrical triangle pattern.Will it fall back to the triangle bottom from here?
Stochastic is indicating that sellers have the upper hand since the oscillator is moving south. However, the 100 SMA is above the 200 SMA to suggest that there’s a chance the triangle top might break.
If that happens, BTC could climb by around the same size as the triangle pattern, which spans around $10,000 in height.
Ether busted through the resistance around the $2,000 psychological mark to signal that bulls are charging again.
They seem to be hitting a wall around the $2,150 mark, though, so a pullback to nearby support areas might be in order. Using the handy-dandy Fib tool shows that the 38.2% level is close to the former resistance zone, which might now hold as a floor.
A larger correction could last until the 61.8% Fib at $1,766 which is near a rising trend line support that’s been holding for more than a month. This is also around the dynamic support at the moving averages.
Litecoin bulls are back in the game, as price broke above the top of its symmetrical triangle pattern to indicate that a long-term climb is underway.Price could climb by the same height as the triangle, which spans $160 to $240. However, technical indicators are suggesting that buyers could use a break right now.
For one, Stochastic has already reached the overbought zone to indicate exhaustion among bulls. Also, the 100 SMA is below the 200 SMA, which means that selling pressure might still be present.
Litecoin might retreat to the broken triangle top from here, but buyers could still defend this level and gather even more bullish energy to sustain a rally.
Bitcoin Cash has been cruising inside an ascending trend channel on its long-term chart, and it looks like the uptrend is gaining traction.Price just breached the mid-channel area of interest and is setting its sights on the channel top around $800. At the same time, the 100 SMA is increasing its lead over the 200 SMA to confirm that bullish momentum is picking up.
Just be careful when jumping in a long position since Stochastic is already hanging out at the overbought zone to reflect exhaustion among buyers. If sellers take advantage of this situation, BCH could still dip to the channel bottom near $550 again!
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!