Crypto bulls are still in town!
Better keep your eyes locked on these areas of interest to see if more breakouts are due.
Bitcoin (BTC/USD) is still on a tear, as the price has been busting through one Fibonacci extension level after another.
Can it go for the ultimate target at the full extension?Is bitcoin overbought? Stochastic is already indicating overbought conditions or exhaustion among buyers, so there’s a chance the 76.4% level might hold as resistance.
I’m seeing a potential bullish moving average crossover that could encourage more BTC bulls to charge. If so, they could aim for the next upside target around the $63,700 level.
That’s pretty close to bitcoin’s all-time highs!
XRP/USD also bounced off a resistance-turned-support level, and this one might have more upside left.
Price is just testing the 38.2% Fibonacci extension level just past the $1.2000 mark, and a break higher could take it all the way up to the 61.8% level that lines up with the swing high.
Even stronger bullish momentum could lift XRP up to the 76.4% extension at $1.5578 or the full extension at $1.7753.
The 100 SMA is below the 200 SMA, but price is trading above both dynamic inflection points to suggest that bullish pressure is in play. However, Stochastic is in the overbought zone, hinting that buyers might need a break.
Bitcoin Cash (BCH/USD) is still hanging out inside its range visible on the daily time frame, and it seems to be hitting a roadblock right at the middle.range bottom at $470 and is stuck around the area of interest at $600. BCH might retreat back to support from here, as Stochastic starts to head south from the overbought zone.
Also, the 100 SMA is below the 200 SMA to suggest that resistance is more likely to hold than to break.
XLM/USD is in consolidation mode, as price formed lower highs and higher lows inside a symmetrical triangle on its daily chart.
Price recently bounced off the bottom and might be setting its sights on the top at $0.4000. Technical indicators are suggesting that another bounce off the triangle resistance might follow.
The 100 SMA is below the 200 SMA, which happens to be close to the triangle top to add to its strength as a ceiling.
At the same time, Stochastic is heading south from the overbought area, so XLM could follow suit as bearish momentum picks up.
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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!