It looks like longer-term crypto support levels held as expected last week!
The crypto market looks to be turning more bullish. Can bulls sustain the rally past these nearby correction zones?
Bitcoin bounced off the $31,000 range support and seems to be setting its sights on the resistance next.
Can it reach $39,500 from here?Technical indicators are suggesting otherwise, as Stochastic is already in the overbought zone while the 100 SMA is still below the 200 SMA.
Then again, the gap between the moving averages is narrowing to hint at a potential bullish crossover. If that happens, BTC could surge higher and even attempt to break past the range top.
ETH bounced off the $1,700 levels and is now trading back above the key $2,000 mark. Will buyers book profits right here, though?As you can see from the chart above, this area of interest is right around the 50% Fib and 100 SMA dynamic inflection point. A higher correction could still find a ceiling at the 61.8% level that’s close to the 200 SMA dynamic resistance, too!
The 100 SMA is below the 200 SMA to confirm that resistance levels are more likely to hold than to break while Stochastic is reflecting exhaustion among buyers.
DASH is also in the middle of a correction on its downtrend, with price already testing the area of interest around $150.
This happens to be right smack in line with a falling trend line, former support zone, the 61.8% Fib and the 100 SMA dynamic resistance!
If sellers return right here, DASH could resume the slide back to the swing low at $102.71. A break past the trend line resistance, on the other hand, could signal that a longer-term climb is in the works.
Note that Stochastic has been indicating overbought conditions for quite some time, so bears might be eager to take over. Also, the 100 SMA is below the 200 SMA to suggest that the selloff is more likely to resume than to reverse.
LTC is also hovering around a potential resistance zone at a falling trend line, former support level, and Fibonacci retracement levels.
Will sellers defend the ceiling?If so, LTC could resume the drop to the swing low at $105.80 or lower. The 100 SMA is below the 200 SMA, after all, so it’s likely that bearish momentum could stay in play.
At the same time, Stochastic is indicating overbought conditions or exhaustion among buyers, so sellers could take advantage of this situation.
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!