Cryptocurrencies still seem to be in recovery mode these days, but is it just me or does bitcoin appear to be hogging the gains? Just take a look at these chart updates!
Bitcoin has been on a tear these days, busting through one ceiling after another. Zooming out the daily chart gives us clues on where the next upside barriers might be located.
For now, the 100 SMA is below the longer-term 200 SMA on this time frame, hinting that bearish pressure is still present. Price was able to move past the 100 SMA dynamic resistance, though, and is gearing up for a test of the 200 SMA inflection point while stochastic nears overbought levels.
From there, bitcoin could encounter a roadblock around the $10,000 major psychological mark and former support turned resistance level. A break past that level could take it up to the wider area of interest around $12,000. Anyone out here getting a major case of FOMO?
Ethereum seems to be taking it slow on its climb, even after it broke past the double bottom neckline to confirm an uptrend earlier on.
Price is inside an ascending channel on the 4-hour chart and has just bounced off the bottom. Applying the Fibonacci extension tool on this move reveals the next upside targets while the moving averages try to complete their bullish crossover.
Ethereum is also testing the mid-channel area of interest, and a break higher could lead to a test of the 50% extension around $455 or the 61.8% extension near the $500 handle. The full extension is located past the channel top, but bulls might have trouble taking it there as stochastic is nearing overbought levels.
Litecoin is also treading higher inside an ascending channel and has already made it past the halfway mark. Price appears to be making a quick pullback to this area of interest where more buyers could jump in and sustain the climb to the top.
However, the 100 SMA has crossed below the longer-term 200 SMA to suggest that the path of least resistance is to the downside. At the same time, stochastic is starting to head south from overbought levels to hint at a return in selling pressure. In that case, another dip to the channel support might be in the cards.
Ripple seems to be lagging behind its buddies as it also trades in a rising channel but a shallow one at that. Price is also sitting pretty near support, still deciding whether to make a bounce or a break.
Stochastic is on its way up, though, which is encouraging for bulls. Then again, the 100 SMA is below the longer-term 200 SMA to suggest that support is more likely to break than to hold.
A bit of fair warning, though. There is a considerable amount of risk in trading cryptocurrencies due to their inherent volatility and sensitivity to headlines. Be careful out there!