Some trends are still going strong for bitcoin and its peers. Are we about to see pullback opportunities next?
Check out this ranking of bitcoin and its buddies for the past seven days:
Bitcoin is cruising above a rising trend line connecting its lows since March this year. Price seems to be in the middle of a correction before resuming its climb.Are bulls eager to charge from here? The 38.2% Fibonacci retracement level seems to have held as support already, probably enough for buyers to take BTC back up to the swing high next.
A larger correction could dip to the trend line support that lines up with the 61.8% Fib and 100 SMA dynamic inflection point. This moving average is above the 200 SMA to confirm that support levels are more likely to hold than to break.
Ethereum is also in pullback mode as price is testing the nearest Fib retracement level on the 1-hour time frame. A larger correction could dip to the short-term ascending trend line support near $450.
Stochastic is still heading south, so the price could have more room to dip before buyers take over. The 100 SMA is safely above the 200 SMA to confirm that the path of least resistance is to the upside or that the climb is more likely to resume than to reverse.
In addition, the gap between the moving averages is widening to reflect stronger bullish momentum that might be enough to take ETH past the swing high at $488.
Litecoin?could be in for a reversal from its short-term selloff as price formed and inverted head and shoulders pattern on its 1-hour time frame.
Price has yet to break past the neckline around $64-65 to confirm that an uptrend is underway, and this rally might last by at least the same height as the chart formation.
A bullish crossover just took place to hint that bullish momentum is picking up, but Stochastic has room to head lower so price could still follow suit.
XRP is trending lower as it formed lower highs and lower lows inside a falling channel on its 4-hour chart.
Price is testing the 61.8% Fib retracement level, which might be enough to keep gains in check. After all, Stochastic is already indicating overbought conditions or exhaustion among buyers.
A larger pullback could lead to a test of the channel top around the .3100 level, but sellers might be eager to take over now that a bearish crossover has materialized.
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!