Bitcoin and its buddies seem to be struggling to recover, and bearish pullbacks may be in the cards. Read on to see what I mean.
Check out this ranking of bitcoin and its buddies for the past seven days:
Cryptocurrencies Price Performance from MarketMilk
BTC/USD: 1-hour
Bitcoin
Stochastic is moving up from the oversold region after all, but the 100 SMA is still below the 200 SMA to show that bearish momentum is present.
ETH/USD: 1-hour
Ethereum
The 100 SMA is below the 200 SMA for now, so sellers could stay in control. However, the gap between the indicators is narrowing to reflect weaker selling pressure and a potential bullish crossover. Stochastic is also turning up, so price could follow suit.
LTC/USD: 1-hour
Litecoin
A shallow pullback could already find a ceiling at the 38.2% Fib around $65.50 or the 50% level at $68.30.
XRP/USD: 1-hour
XRP
The 61.8% extension lines up with the swing high and could be a prime take-profit point. Stochastic is just getting started on its climb, so stronger bullish momentum could take it all the way up to the full extension at .2477.
Just be warned, there is a considerable amount of risk in trading cryptocurrencies due to their inherent volatility and sensitivity to headlines. Be careful out there!
Thursday, January 23, 2020