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Bitcoin and its peers look set on revisiting long-term lows and may even be ready to set new ones. Ugh, I’m seeing so much red!

BTC/USD: Daily

BTC/USD Daily Chart
BTC/USD Daily Chart

Bitcoin blasted through that short-term ascending channel we were watching last week and is setting its sights on the next floor. Applying the Fib extension tool shows potential downside targets, with the 50% level coinciding with a key support zone.

This happens to be the bottom of a descending triangle visible on the daily time frame, and a breakdown could pave the way for a drop to the full extension.

The 100 SMA is below the longer-term 200 SMA after all, indicating that bearish momentum is in play. However, stochastic has already reached oversold territory to signal that sellers are exhausted.

ETH/USD: 4-hour

ETH/USD 4-hour Chart
ETH/USD 4-hour Chart

Ethereum is gaining traction on its downtrend as it tumbled below short-term support and is setting its sights on the bottom of its descending channel on the 4-hour chart.

The 100 SMA crossed below the longer-term 200 SMA once more, confirming that sellers have the upper hand, while stochastic is moving south.

For now, price seems to be hesitating at the mid-channel area of interest, and a pullback could still hit a ceiling at the channel top as this coincides with dynamic inflection points at the moving averages.

LTC/USD: 4-hour

LTC/USD 4-hour Chart
LTC/USD 4-hour Chart

Litecoin also looks set on continuing its dive as it proceeded to test the next downside targets marked by the Fibonacci extension tool.

Price is currently hovering at the 50% level as increased bearish pressure could still bring it down to the 61.8% extension closer to the mid-channel area of interest.

Stochastic is nearing the oversold region, though, so sellers might need to take a break soon. Then again, the moving averages add another layer of resistance at the top of the channel in case litecoin makes another bounce.

XRP/USD: 4-hour

XRP/USD 4-hour Chart
XRP/USD 4-hour Chart

Ripple was way ahead of its peers in terms of moving south and is now down to the bottom of its descending channel visible on the 4-hour time frame.

Stochastic is already in the oversold region to signal that sellers are tired and may let buyers take over. Anyone dare to catch a falling knife with a countertrend play?

Take note that the 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside, which basically means that support is more likely to break than to hold.

BCH/BTC: Daily

BCH/BTC Daily Chart
BCH/BTC Daily Chart

Last but certainly not least is Bitcoin Cash, which has made its way to the top 4 spot in cryptocurrency rankings (as of this writing) according to CoinMarketCap.

Against its rival bitcoin, BCH is gaining more speed on its climb as it brushed past the mid-channel area of interest on its long-term ascending channel. The 100 SMA is above the 200 SMA too, so bullish momentum could keep going.

However, stochastic is already hitting overbought conditions as price approaches the 50% extension. A bit of selling pressure at this level could lead to a quick pullback, but sustained bullish energy could bring it up to the very top of the channel next.

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!