Are bitcoin and its peers turning a corner?
These long-term charts suggest that altcoins are starting to bottom out!
Bitcoin bulls stepped up to defend the $30,000 mark, and now price is setting its sights much higher!If BTC is able to clear the hurdle at the $40,000 mark, then it could make its way up to the long-term area of interest at the $47,000 levels.
However, price seems to be hitting a roadblock at the 100 SMA dynamic inflection point. This is below the 200 SMA to suggest that resistance is more likely to hold than to break.
Stochastic is also indicating overbought conditions or exhaustion among buyers, so heading lower would mean that sellers are taking over.
ETH looks done with its slide, as it formed a double bottom pattern on its daily time frame. Time for a major reversal, y’all!
Price has yet to break above the neckline resistance around $2,300 to confirm that a rally is underway. If that happens, ETH could climb by the same height as the chart pattern.
Technical indicators are giving mixed signals, though. The 100 SMA is above the 200 SMA to indicate that buyers have the upper hand, but Stochastic is hovering around overbought levels to hint that sellers could return soon.
XMR is hanging out at the very top of its current range, still deciding whether to make a bounce or a break.If resistance holds, price could slump back to the range support around $180-185.
A break above the current levels, on the other hand could take XMR higher by the same height as the rectangle pattern.
The 100 SMA is above the 200 SMA for now, but the gap between the two moving averages is narrowing to reflect weakening bullish pressure.
At the same time, Stochastic is closing in on the overbought zone to suggest that buyers could take a break.
EOS is moving sideways on its daily time frame, and price has just bounced off the range support around $3.350.
It’s just halfway through its climb to the top, so there could still be room to catch the rally until $4.270!Just be careful since Stochastic is heading down, so price could follow suit as bearish pressure mounts.
Also, the 100 SMA is below the 200 SMA to reflect downside momentum, but the gap between the two is narrowing to hint at a potential crossover. EOS also seems to be finding support at these dynamic inflection points.
Check out our newly built Cryptocurrency Volatility Meter! See which cryptocurrencies are volatile today and which are quiet.
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!