Cryptocurrencies are still on the retreat these days, but it looks like buyers might return to defend these nearby support areas.
Will rallies resume soon? Which altcoins are looking most bullish these days?
Bitcoin still ain’t in the mood to rally!
Price continues to retreat after hitting a ceiling at the $50,000 mark, setting its sights on the next support areas from here.
Are buyers about to jump in anytime soon?Technical indicators are looking mixed, with Stochastic hovering near the oversold region and the 100 SMA still below the 200 SMA.
Then again, the moving averages might simply be oscillating to signal market consolidation.
If that’s the case, BTC could keep sliding to the longer-term support at the bottom of its descending triangle on the daily time frame. For now, it seems that the resistance-turned-support is around $40,000, and the 100 SMA dynamic inflection point is holding.
ETH might be in for a deeper decline, as price is forming a double top pattern on its long-term chart!
There’s still plenty of room to go before it breaks below the neckline to confirm a major downtrend, though.dynamic support at the moving averages. Also, the 100 SMA is above the 200 SMA to suggest that support is more likely to hold than to break.
Bullish pressure might be weakening since the gap between the moving averages is narrowing and Stochastic is still heading south.
XMR might be in for a bounce, as price is testing support at the bottom of a freshly-forming rising channel on its daily time frame.
If support holds, XMR could recover to the top of the channel around $350 or at least until the middle around $300. Buying energy could pick up as soon as Stochastic pulls higher.
However, the 100 SMA is still below the 200 SMA to suggest that the path of least resistance is to the downside. In that case, there’s still a chance that the channel support around $220 might break.
LTC is still in selloff mode, as price seems to be drawn by the next support area around $118.200 SMA.
At the same time, price is falling below the 100 SMA dynamic inflection point, so this could hold as resistance on a bounce.
Stochastic is also heading south to reflect the presence of bearish pressure, but the oscillator is dipping into the oversold region to indicate exhaustion among bears.
Check out our newly built real-time list of Top Crypto Gainers and Losers! See which cryptocurrencies have gone up or down significantly today.
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!