Bitcoin and its buddies are retreating to areas of interest on their long-term charts.
Are these levels likely to attract more buyers? Which altcoins are looking most bullish these days?
Bitcoin took a sharp tumble after coming close to the $53,000 handle, pulling back to the $44,000 area that lines up with its 38.2% Fib.
Are bulls about to charge again soon? Or is a larger correction due?
Technical indicators are hinting that more losses might be in the cards, as the 100 SMA is below the 200 SMA while Stochastic is just getting started on its move down.
The oscillator has plenty of room to head south before indicating oversold conditions or exhaustion among sellers.
This means that BTC might still dip as low as the 61.8% Fib, which is right smack in line with a former resistance zone around $38,000-$40,000. It’s pretty close to the 100 SMA dynamic inflection point, which might hold as support as well.
LTC sold off sharply recently, but it looks like price is finding support at the $180 area, which is a long-term area of interest.
Also, a bearish divergence can be seen, as the oscillator made lower highs while price had higher highs.
To top it all off, the 100 SMA is below the 200 SMA to signal that the path of least resistance is to the downside.
ETH is also in correction mode, as price is dipping to the 38.2% Fib that lines up with a former resistance area.
I’m getting mixed signals from tech indicators on this one! Is ETH/USD a buy or a sell?While the 100 SMA is above the 200 SMA to suggest that the climb is more likely to resume than to reverse, Stochastic is inching lower from the overbought area.
A larger correction could reach the 50% Fib that lines up with another long-term area of interest or as low as the 61.8% level that coincides with the 100 SMA dynamic support.
Missed the big rally on this one? Don’t fret, Cardano bulls!
You might still be able to catch a correction on the uptrend, as price is pulling back to the Fib levels seen on the daily time frame.
A bounce might be in the works, based on that long-wicked Japanese candlestick that spiked off the 50% Fib. If so, ADA could recover to the swing high soon.
Stochastic seems to be hinting that the correction could carry on, possibly taking ADA down to the 61.8% Fib that coincides with a rising trend line. That’s in line with the dynamic support at the moving averages, too!
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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!