Are these pullbacks I’m seeing on the crypto charts?
Better keep these correction levels on your radar in case more bulls are waiting to charge!
Bitcoin (BTC/USD) is in correction mode y’all!
After seeing fresh all-time highs, bitcoin fans are probably booking profits at the moment, allowing price to pause from its climb.50% Fibonacci retracement level.
This happens to be right smack in line with a rising trend line connecting the lows on the daily chart, as well as the 100 SMA dynamic inflection point. This faster-moving MA is above the 200 SMA to confirm that the uptrend is more likely to resume than to reverse.
However, Stochastic is still heading down to show that sellers are in control. You might wanna wait for this oscillator to reach the oversold region and turn higher to signal that bulls are back in action!
Ethereum (ETH/USD) is also in the mood for a pullback, as price is sliding from the $4,800 mark and closing in on the Fibs.trend line and a former resistance zone.
Stochastic is still on the move down to suggest that the retracement could keep going, but the 100 SMA is safely above the 200 SMA to hint that support levels are likely to hold.
If any of the Fibs are able to keep losses in check, ETH could resume the climb to the swing high and beyond!
Litecoin (LTC/USD) has been on a tear, but price hit a ceiling at the $300 mark near its ascending channel resistance.
Stochastic is starting to head down from the overbought zone to indicate that buyers are taking it easy for now.
A pullback seems to be underway, with price already testing the 38.2% Fib. More buyers might be hanging out at the 61.8% level, though, since it lines up with $200 and is close to the channel bottom.
A bullish moving average crossover appears to be taking place, adding confirmation that buyers are ready to defend support levels.
Shiba Inu (SHIB/USD) is in consolidation mode, forming lower highs and finding support to create a descending triangle on its daily time frame.A breakout might be in the works since the consolidation has been getting tighter and tighter, but which way will SHIB/USD go?
Price is hovering above the bottom of the triangle and might be due for a bounce since the 200 SMA is holding as dynamic support. The 100 SMA is also above this slower-moving MA to confirm that the path of least resistance is to the upside.
If bulls are strong enough, they could breach the triangle resistance and go for a rally that’s the same height as the chart pattern!
Monitor the volatility of cryptocurrencies using our Crypto Volatility Meter! See which cryptocurrencies have moved the most 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!