Heads up, crypto bulls!
Bitcoin and its buddies might pause from their rallies, as they approach long-term resistance levels.
Bitcoin (BTC/USD) is hanging out above the $60,000 handle and is inching closer to its all-time highs around $64,600.
Will bulls book profits soon?Stochastic has been indicating overbought conditions or exhaustion among buyers for quite some time, and turning lower would mean that sellers regained the upper hand.
If that happens, BTC could retreat from its current levels and possibly dip to nearby support levels around $40,000 or even down to the $32,000 area.
However, the 100 SMA is attempting a moving average crossover above the 200 SMA to hint that bulls could kick things up a notch. Better be ready for a steep climb if price busts through its record highs!
Litecoin (LTC/USD) is lookin’ up!
Price recently bounced off an area of interest and is now testing the nearest upside target marked by the Fibonacci extension tool.
Resistance looks pretty solid around these current levels, as the 200 SMA dynamic inflection point is keeping gains in check for now. The 100 SMA is below this slower-moving SMA, which means that bearish vibes are still present.In addition, Stochastic looks ready to head south from the overbought zone, so litecoin price might follow suit while sellers take the upper hand.
If bulls keep charging, LTC/USD could move up to the 50% extension at $205 or the 61.8% level that’s close to the swing high.
Ethereum (ETH/USD) is testing the top of its triangle pattern on the daily time frame, still deciding whether to make a bounce or a break.
Technical indicators are giving mixed signals at the moment, so it can go either way from here!
The 100 SMA is above the 200 SMA, suggesting that an upside breakout is possible. If that happens, price could climb by roughly the same height as the chart formation.
Sellers might not give up so easily, though, as Stochastic is turning lower to signal that buyers are taking a break.
XRP/USD has formed lower highs and higher lows to create a triangle pattern on its daily time frame.Price seems to be aiming for a bullish breakout once more, but technical indicators are suggesting that the resistance is more likely to hold than to break.
For one, the 100 SMA is below the 200 SMA, confirming the presence of bearish pressure. Also, Stochastic is already heading south, so price could follow suit as sellers remain in control.
In that case, XRP/USD could slide back to the triangle support or at least until the area of interest around the middle of the pattern.
Check out our newly built real-time list of Top Crypto Gainers and Losers! See which cryptocurrencies have gone up or down significantly today.
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!