It’s been a pretty good run for bitcoin lately, but its crypto buddies have been left behind. Will more bulls join from here?
BTC is the only one in the green with a 1.13% gain while the rest are deep in the red last week.
Litecoin is in the top two spot but is looking at a 4.71% loss while BCH is eating dust at a 5.38% loss.
Check out this ranking of bitcoin and its buddies for the past seven days:
Bitcoin is crushing it! The halving of mining rewards this month has drawn bulls back into action, sparking a strong price rally followed by a bit of consolidation.This looks like a bullish flag pattern, which is typically seen as a continuation signal. A break past the near-term resistance around $9,250 could be enough to set off another leg higher, perhaps by the same size as the flag’s mast.
Ethereum continues to trade above the rising trend line connecting the lows of price action since last month.This support area is currently being tested, and holding as a floor could be enough to send ETH to the upside targets marked by the Fibonacci extension tool.
The 50% level could be a good take-profit point since it lines up with the latest swing high. Stronger bullish momentum could take price up to the 61.8% level at $232 or the full extension at $255.
Litecoin is in correction mode as price is hanging around the mid-channel area of interest visible on its 1-hour time frame.This happens to be right smack in line with the 38.2% Fib retracement level, which could be enough to keep losses in check. A larger pullback could last until the 61.8% Fib closer to the channel support and 200 SMA dynamic inflection point.
If any of the Fibs hold as support, LTC could recover to the swing high at $60.72 or the very top of the ascending channel.
Moving averages and Stochastic confirm that bullish momentum is still present.
XRP has formed lower highs and found support at the $0.2100 mark to create a descending triangle on its 1-hour chart.Price just bounced off the resistance and might be setting its sights back on support. However, Stochastic is turning higher to suggest that buyers still have the upper hand and might push for an upside break.
If that happens, XRP could be in for a climb that’s around the same height as the triangle pattern. Then again, the 100 SMA could hold as dynamic resistance around the triangle top, and the narrowing gap between the moving averages reflects weakening bullish pressure.
Just be warned, there is a considerable amount of risk in trading cryptocurrencies due to their inherent volatility and sensitivity to headlines. Be careful out there!