These altcoins seem to be finding support at these long-term inflection points!
Can bitcoin recover, too?
BTC/USD: Daily
Bitcoin fell through the support zone around $50,000 and is testing the floor at the $30,000 area we were eyeing last week.
Will buyers keep defending this level?
Technical indicators are hinting that gains are in the cards, with Stochastic pulling up from the oversold region to reflect a pickup in bullish pressure.Also, the 100 SMA is safely above the 200 SMA to confirm that support is more likely to hold than to break. The gap between the moving averages is even widening to indicate strengthening upside momentum.
However, the Fibs might keep gains in check, as the 50% to 61.8% levels span a long-term area of interest.
LTC/USD: Weekly
Litecoin tumbled sharply along with its crypto peers recently, but it seems that the former resistance around $150 is holding as support.
This is close to the 61.8% Fibonacci retracement level, which might be enough to keep losses in check. If so, LTC could soon make its way back up to the swing high at $413 or higher.
However, Stochastic is still heading south, so price might follow suit until oversold conditions are met. The 100 SMA appears to be attempting a bullish crossover, though, so buyers might step up to defend the current support zone.
ETH/USD: Daily
ETH might also be ready to resume its climb, as price is finding support at the long-term rising trend line that has been holding since the start of this year.
This is right smack in line with the 61.8% Fib and 100 SMA dynamic inflection point, so bulls might be eager to charge at this point. This faster-moving MA is above the 200 SMA to confirm that the uptrend is more likely to resume than to reverse.Also, Stochastic seems to be bottoming out, reflecting a return in bullish momentum that might be enough to take ETH back to the swing high at $4,375 soon.
ADA/USD: Daily
Cardano is also hanging out at a long-term area of interest, which seems to be holding as support again.
This is right around a rising trend line visible on the daily time frame, the 100 SMA dynamic inflection point, and the former resistance around $1.5000.The gap between the moving averages is widening to reflect strengthening upside pressure that might be enough to take ADA back to the previous highs.
Bulls might be eager to charge since Stochastic is already bottoming out without even reaching the oversold zone!
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!
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