It looks like these altcoins are ready to resume their rallies!
How high can bitcoin and its buddies go?
Bitcoin pulled up quickly after last week’s selloff, as bulls defended the $50,000 major psychological floor. Heck, BTC seems to be forming a fresh rising channel right here!If buyers stay in control, price could recover to the top of the channel at $65,000 or at least until the middle near $60,000. However, technical indicators are suggesting that bearish pressure is building up.
For one, Stochastic already reached the overbought zone to signal exhaustion among buyers. In addition, the moving averages are making a bearish crossover to hint that another test of the channel bottom might follow.
Litecoin finally bounced off that long-term rising trend line that we’ve been watching for the past few weeks.
How high can LTC go?Applying the Fibonacci extension tool reveals that price is already closing in on the first upside target at the 38.2% level.
Stronger bullish momentum could take litecoin up to the 50% level at $291 or the 61.8% extension that’s close to the swing high around $310. The full extension is located at $375.
The 100 SMA is safely above the 200 SMA to confirm that the rally is likely to carry on while Stochastic looks ready to turn higher.
ETH has been on a steady climb, but price might need to retreat soon as it approaches the top of its ascending channel visible on the daily time frame.At the same time, Stochastic is hovering at the overbought region to indicate that buyers have been needing a break for quite some time. If sellers take over from here, ETH could retreat to the channel support at $2,200 or to the mid-channel area of interest at $2,500.
Keep in mind, though, that the 100 SMA is still above the 200 SMA to show that the path of least resistance is to the upside. In other words, there might still be a chance for an upside channel breakout!
XRP is also getting back on its feet after bouncing off the long-term area of interest around 0.8800.How high can it go?
The Fibonacci extension tool shows the levels that buyers are likely aiming for, and price has already reached the first target at the 38.2% level. If bulls are able to keep charging, XRP could make its way up to the 50% level at 1.6400 or the 61.8% extension at 1.8185. The full extension is at 2.3962.
Technical indicators confirm that buyers could stay in control, with the 100 SMA above the 200 SMA and Stochastic bottoming out of the oversold 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!