I’m seeing another set of consolidation patterns on the crypto charts, but it looks like bears still have the upper hand.
Where are BTC and its peers headed next? Take a look at the latest altcoin charts here.
Bitcoin has breached a major support zone!Price has fallen through its range support at the $31,000 mark and also the $30,000 major psychological level, likely drawing more sellers in.
However, Stochastic is indicating oversold conditions or exhaustion among bears, so turning higher might still keep losses in check.
The 100 SMA is below the 200 SMA to signal that bearish momentum is very much in play, possibly resulting to a drop that’s the same size as the rectangle chart pattern.
ETH has formed lower highs and higher lows, cruising lower inside a falling channel on its daily time frame.
Price is stalling around the mid-channel area of interest, and technical indicators are hinting at a return in bullish pressure.
The 100 SMA is still above the 200 SMA on this time frame, so there’s a good chance that buyers could stay in control. If that’s the case, ETH could bounce back up to the channel top or even break higher.
At the same time, Stochastic is hanging out at the oversold region, which means that sellers could take a break and let buyers take over from here.
LTC is in consolidation mode, forming lower highs and slightly lower lows inside a falling wedge pattern.
The moving averages appear to be going for a bearish crossover to signal a likely breakdown. If that’s the case, LTC could tumble by the same height as the wedge pattern.
On the other hand, Stochastic turning higher from the oversold region could reflect a pickup in bullish pressure, which could be followed by a bounce back to the wedge resistance.
XRP is also stuck inside a falling wedge pattern on its daily chart. Nope, you ain’t seeing double!This one might even be due for a breakout soon since price is already at the peak of the formation. Technical indicators seem to be hinting that bulls have the upper hand.
Stochastic might be heading lower but is already dipping into the oversold region while the 100 SMA is safely above the 200 SMA.
Better keep your eyes peeled for a move past the .6000 barrier since this might be followed by a rally that’s the same size as the wedge!
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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!