Altcoins seem to be in recovery mode these days as bitcoin and its buddies are trending higher on these short-term charts.
Check out this ranking of bitcoin and its buddies for the past seven days:
Bitcoin confirmed that short-term reversal pattern we were watching last week and proceeded to trend higher inside a rising channel on its 1-hour time frame.
Price just busted through the mid-channel barrier and is setting its sights on the top of the channel next. The 100 SMA is above the 200 SMA to indicate that the climb is more likely to gain traction, but stochastic seems to be suggesting a return in selling pressure.
Ethereum has also formed higher highs and higher lows to cruise inside an ascending channel on its short-term time frame. Price bounced off support and appears to be aiming for the channel resistance from here.Stochastic is pointing up to signal that buyers aren’t quite done yet, and the 100 SMA is above the 200 SMA to support the idea that the uptrend could carry on.
However, the gap between the moving averages seems to be narrowing to suggest weakening bullish momentum and a potential bearish crossover.
Litecoin might be trailing behind its crypto peers on this uptrend as price is also inside a rising channel but has yet to show more upside momentum. A break above the mid-channel area of interest around $44 could be enough to confirm that a move to the top is underway.The 100 SMA is above the 200 SMA to suggest that more gains are in the cards, and these dynamic inflection points could hold as support near the bottom of the channel.
Stochastic has a bit of room to climb before indicating overbought conditions or exhaustion among buyers, but turning lower could signal that sellers are about to take over.
XRP is also finding its bullish legs as it bounced off the rising channel support and might attempt to climb above the middle of the channel next. Once it clears that roadblock, price could go for a rally until the channel resistance.
However, stochastic is already testing the overbought zone to suggest that buyers could use a break and let sellers take over. If that happens, XRP could retreat to the bottom of the channel to test support around the $0.1600 mark.
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!