I’m seeing signs that crypto bulls might be ready to charge again!
Just how high can bitcoin and its buddies go?
Bitcoin is cruising higher inside a rising channel on the short-term chart and has just bounced off support.
Price is closing in on the resistance at the mid-channel area of interest but might still be able to carry on with its climb to the channel top near the $60,000 mark.
Will sellers return soon?
Stochastic is reflecting exhaustion among bulls, so bears could take advantage of this situation and take over. In that case, BTC could find resistance at the middle of the channel and dip back to the bottom at $55,000.
Litecoin bulls are already back in the game, defending the short-term support at the rising trend line visible on the 1-hour time frame.
Price has also busted through the first few Fibonacci extension levels and seems to be setting its sights on the full extension at $414.36. Stochastic, however, is hinting that buyers might need to take a break soon.
The 100 SMA is above the 200 SMA to signal that the uptrend is likely to continue, but the gap between the indicators is narrowing to reflect weakening bullish pressure.
XRP is trending lower on its short-term chart, unlike most of its crypto peers. Another wave of selling pressure could come up on a test of the falling trend line.
This happens to be close to the dynamic resistance at the moving averages, which add to its strength as a ceiling near the 1.5200 handle.
In addition, the 100 SMA is below the 200 SMA to confirm that the path of least resistance is to the downside or that resistance is more likely to hold than to break.
Stochastic is also closing in on the overbought zone, and turning lower would suggest that sellers could take XRP back down to the swing low.
Monero is finding its legs as it bounced off the area of interest that happens to line up with a short-term rising trend line. The Fibonacci extension tool shows the upside targets that bulls are aiming for.
The 38.2% level is at $474.20 then the 50% extension is at $490.91. Stronger bullish momentum could take XMR to the 61.8% level near the swing high or the full extension at $561.68.
Technical indicators hint that the uptrend is likely to gain traction, as the 100 SMA is safely above the 200 SMA while Stochastic is heading north.
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!