These altcoins are approaching areas of interest on their long-term charts, and it looks like bulls could defend the support levels.
What do you think? Which altcoins are looking most bullish these days?
Bitcoin is still in correction mode, with price already testing the closest support zone at the 38.2% Fib.
Will this be enough to keep losses in check?If buyers return at this point, BTC could recover to the swing high near $53,000 and beyond. Technical indicators are giving mixed signals, though.
The 100 SMA is still below the 200 SMA to indicate that bearish pressure is in play, possibly leading to a deeper pullback to the lower Fib levels spanning a former resistance zone.
Stochastic is already reflecting exhaustion among sellers and is starting to pull higher, so BTC price might follow suit.
ETH is also in pullback mode and finding support at the 38.2% Fib, just like BTC. You ain’t seein’ double!
Moving averages are confirming a continuation of the climb on this one, as the 100 SMA is still above the 200 SMA.
Just be careful since the gap between the indicators is narrowing to reflect weakening bullish energy.
Stochastic has a bit of room to head lower, so sellers could stay in control. Then again, the oscillator is approaching oversold conditions, which means that buyers could take over soon.
If any of the Fibs hold as support, ETH could bounce right back to its swing high around $4,000 and beyond!
XRP sold off sharply recently, but it looks like the bottom of its range on the 4-hour time frame is holdin’ like a boss.
Or is it?Price might be attempting a bearish break soon, as lower highs are hinting at a buildup in selling pressure. At the same time, the 100 SMA looks ready to cross below the 200 SMA to confirm that bears have the upper hand.
Besides, doesn’t that look like a bearish flag right there?
Another quick bounce might be in the works since Stochastic is heading higher, but a move below the $1.060 area could be enough to confirm that a continuation of the drop is underway.
If that happens, XRP could tumble by the same height as the flag mast or the range formation.
XMR broke below the rising trend line on its 4-hour chart to signal that a reversal from the uptrend is in order.
Missed this bearish move? Better stay on the lookout for a retest!
Price might still pull up to the broken trend line, which happens to line up with the 61.8% Fib and dynamic resistance at the moving averages.
The 100 SMA is starting to cross below the 200 SMA to indicate that bears are taking control of XMR price action, possibly sending it back down to the swing low at $234 soon.
Stochastic is still pulling up, so the correction could keep going until overbought conditions are met.
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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!