The crypto charts are seeing a lot of red these days, but buyers still seem keen on defending these long-term support levels.
Are we about to see strong rallies back to record highs anytime soon?
Bitcoin (BTC/USD) dipped slightly lower than the area of interest we were watching earlier, but it looks like bulls won’t give up so easily!
The Fibonacci extension tool shows the levels that buyers might be aiming for. The 61.8% level is right smack in line with the support-turned-resistance near $60,000 while the full extension is close to the $70,000 handle.
The 100 SMA is still above the 200 SMA to confirm that bullish pressure is present while Stochastic has plenty of room to climb before indicating exhaustion among buyers.
Ethereum (ETH/USD) also made a long spike after bouncing off the floor around the 100 SMA and rising trend line, so a continuation of the uptrend might be underway.moving averages is widening to reflect strengthening bullish momentum.
Stochastic is closing in on the overbought region, though, so buyers might need to take a break soon. Just be mindful that price has been forming lower highs lately, suggesting that sellers are warming up.
XRP/USD is still stuck consolidation but is finding support at the bottom of the symmetrical triangle on the daily chart.
A bounce back to the resistance might follow since the long-wicked candle suggests that bulls are putting up a strong fight. Also, Stochastic is starting to pull up from the oversold area to confirm a pickup in bullish momentum.
The 100 SMA is above the 200 SMA to signal that support is more likely to hold than to break, but price has broken below both dynamic inflection points.
If a breakdown is in order, XRP/USD could tumble by the same height as the triangle pattern!
Monero (XMR/USD) is giving off strong bearish vibes since price already crashed below its descending triangle bottom.A retest of the broken support may be in order, and the Fibonacci retracement tool shows that this is right smack in line with the 38.2% level.
A larger pullback could reach the 50% Fib at $236 or the 61.8% level closer to the $250 mark and the moving averages. If any of these are able to keep gains in check, Monero could slide back to the swing low at $178 or lower.
Just be careful since the 100 SMA is above the 200 SMA to suggest that buyers might still have the upper hand. To top it off, Stochastic has plenty of room to climb before reaching the overbought zone, so bulls could stay in the game a while longer.
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!