I’m seeing more signs of life on the crypto charts these days!
Are bulls ready to charge back to the nearby upside targets?
Bitcoin is finally pulling up from its lows around $30,000 and is closing in on the nearby ceiling at the 200 SMA dynamic inflection point.Can bulls take BTC any higher from here?
Or is this just a pullback before another sharp drop?
The 38.2% Fib retracement level is close by and might keep gains in check, as Stochastic is already indicating exhaustion among buyers. A larger correction could reach the 61.8% Fib that lines up with a former support zone.
The 100 SMA is above the 200 SMA to indicate that there’s room for more rallies, but the gap between the moving averages is narrowing to reflect weakening bullish energy.
Litecoin appears to be finding support at a long-term area of interest visible on its weekly time frame.
This happens to be right smack in line with the 61.8% Fib, which adds to its strength as a floor. If buyers step up to defend this level, LTC could recover to the swing high at $413.27 or higher.The 100 SMA is attempting a bullish crossover while Stochastic is nearing the oversold region to signal exhaustion among sellers. In addition, a bit of bullish divergence can be seen as the oscillator is making lower lows while litecoin price has higher lows.
ETH is still stuck in consolidation mode, this time forming what appears to be a symmetrical triangle on the 4-hour time frame.
Price is right in the middle of the chart pattern but seems to be finding resistance at the 100 SMA dynamic inflection point. This is below the 200 SMA to confirm that the path of least resistance is to the downside.
Even if ETH busts higher, it could encounter another strong roadblock at the triangle top that lines up with the 200 SMA dynamic resistance.
At the same time, Stochastic is turning lower from the overbought region to signal that sellers are taking over while buyers take a break.
XRP bulls look ready to charge again, as the former resistance around .8500 is holding as support.
How high can XRP go next?The Fibonacci extension tool shows where buyers might be setting their sights. The 38.2% level is at the $1.3368 level while the 76.8% Fib lines up with the swing high around $1.7600.
Stronger bullish pressure could take XRP up to the full extension at $2.4439, but technical indicators would have to confirm that upside momentum could stay in play.
As it is, the 100 SMA has yet to cross above the 200 SMA to reflect bullish pressure while Stochastic is closing in on 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!