ETH surged to new all-time highs and looks ready for more!
Is this a continuation pattern I’m seeing on its long-term chart?
Ethereum is chillin’ like a villain around the $3,500 mark, still deciding whether to make a correction or to carry on with its climb.The latest consolidation pattern looks a bit like a bullish flag, and a break past the highs could set off a rally that’s at least the same height as the mast.
Do buyers have enough energy for another leg higher?
Moving averages confirm that bullish momentum is present, as the 100 SMA is safely above the 200 SMA. However, Stochastic is starting to head south from the overbought zone to suggest that a pullback might be needed.
If that’s the case, ETH could retreat to the support levels marked by the Fibonacci retracement tool. More buyers might be waiting around the 61.8% Fib that lines up with a rising trend line and former resistance zone.
Bitcoin is still hanging out inside its rising channel on the 4-hour chart to indicate that the uptrend is intact, but the mid-channel area of interest is proving to be a tough barrier to break.
Price looks ready to dip back to the channel bottom near the $52,000 mark to gather more bullish energy. Stochastic is heading south but is dipping into the oversold region to suggest that sellers are feeling exhausted.
However, the 100 SMA crossed below the 200 SMA to hint that there’s a chance the channel support might break. If that’s the case, watch out for a reversal of the BTC rally!
Monero is also trending higher, with its higher lows and higher highs connected by an ascending channel visible on its 4-hour time frame.A test of the channel bottom seems to be underway, and bulls could return at the 61.8% Fib around the $354 mark. Technical indicators confirm that the floor is more likely to hold than to break.
For one, Stochastic is already indicating oversold conditions, so turning higher would mean that buyers are back in the game. The 100 SMA is above the 200 SMA to suggest that bullish pressure is present, and the 200 SMA is close to the channel support to add to its strength as a floor.
NEO has formed higher lows and lower highs to create a symmetrical triangle consolidation pattern on its 4-hour chart.Price is currently testing the triangle support, which happens to line up with the 100 SMA dynamic inflection point.
If buyers defend this level, NEO could bounce back up to the triangle resistance around $112 or even attempt to break higher. Stochastic seems to be bottoming out, and moving higher could signal that bullish momentum is picking up.
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!