Are these altcoins ready for another big move this month? Which cryptocurrencies are gaining strength?
Here are the latest patterns I’m seeing on bitcoin and its buddies!
Bitcoin is still having trouble extending its climb past the $50,000 barrier, and it looks like bulls could use a longer break.
Will bears take advantage of the situation to regain the upper hand?
The 100 SMA is still below the 200 SMA to suggest that the path of least resistance is to the downside.
At the same time, Stochastic is starting to edge lower from the overbought region, so price could follow suit as the oscillator moves south.
Bitcoin is trading above the 200 SMA dynamic inflection point for now, so buyers might still defend this support zone.
LTC is stalling on its climb, as price made a couple of failed attempts to break past $190.
Price is hovering above support around $170, creating a double top reversal pattern on its 4-hour time frame. Better watch out for a break below the neckline!
Technical indicators are suggesting that support might hold, though, as the 100 SMA is above the 200 SMA while Stochastic is heading higher. Also, price could find support at the 200 SMA dynamic inflection point.
If buyers refuse to let up, LTC could find its way back to the recent highs and beyond!
XRP could be in for a big break yo!
Price is stuck inside a descending triangle for the time being, but the latest round of bullish candlesticks might be enough to breach the top.
If so, XRP could climb by the same height as the triangle, which spans around $1.1000 to $1.3500.
The 100 SMA is above the 200 SMA to signal that buyers are in control of the game, and the price is starting to break above the faster-moving MA as well.
Stochastic has room to climb, but the oscillator is approaching overbought levels to signal exhaustion among buyers.
Still, if the latest candle closes above the triangle resistance or the latest high around $1.2500, more bulls could charge!
BCH is trending lower inside a descending channel on its 4-hour time frame. Price is taking a break at the mid-channel area of interest and might be in for more bearish action.
If so, a move to the channel bottom at the $600 major psychological mark may be in order. If support holds, on the other hand, BCH could make its way back up to the channel top at $680.
Stochastic looks ready to pull higher without reaching the oversold region, suggesting that buyers are eager to jump back in. Besides, the 100 SMA is above the 200 SMA to hint that support is more likely to hold than to break.
Just be careful when going against the trend, though!
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