Crypto bulls are back in action, but just how long could these rallies last?
Take a look at these long-term charts to spot the next targets!
Bitcoin sprang back to life after finding more buyers at the $40,000 area of interest we were watching last week.
How high can it go from here?Bulls are probably setting their sights on the $50,000 key psychological mark, which also happens to be an area of interest or former support turned resistance.
However, technical indicators are suggesting that buyers are feeling exhausted, as Stochastic is already in the overbought region. At the same time, the 100 SMA is below the 200 SMA to confirm that bearish pressure is present.
XRP has also been on a tear, but it might not be out of the bearish woods yet since price is still below a falling trend line on its long-term time frame.As you can see on its daily chart above, the trend line has been holding since May this year and might keep gains in check once more.
It also happens to be right smack in line with the 38.2% Fibonacci retracement level and a support-turned-resistance zone.
The moving averages look prime for a bearish crossover to confirm that sellers are in control while Stochastic is already indicating overbought conditions or exhaustion among buyers.
BCH just seems to be getting started on its climb, so there could be plenty of upside left for this one!
Price just busted through the neckline of its double bottom reversal pattern on the daily time frame and might be in for a rally that’s the same height as the formation.
Just be careful since Stochastic has been reflecting exhaustion among buyers for quite some time. Also, the gap between the 100 SMA and 200 SMA is getting smaller, hinting that a bearish crossover might follow.
SHIB ain’t goin’ down without a fight!
After weeks of consolidating at the bottom of its descending triangle visible on the daily chart, price finally busted higher and formed a green candle long enough to test the resistance.
And that’s not all! A bullish flag pattern seems to be forming, too.
A break above the triangle top could set off a climb that’s the same height as the chart formation, and buyers could have energy left since Stochastic is still heading north.
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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!