I’m seeing plenty of strong bullish breakouts on the altcoin charts these days! Will we see more gains this week?
Cryptocurrencies were back in the black for the previous week, led by ETH with an impressive 13.77% gain.
BTC is behind the pack but still enjoying a decent 4.59% price increase next to XRP, which is up nearly 6%.
Check out this ranking of bitcoin and its buddies for the past seven days:
Altcoins Price Performance from MarketMilk
BTC/USD: 4-hour
Bitcoin
A bullish moving average crossover seems to be taking place, likely drawing more buyers to push prices further north. However, Stochastic is already closing in on the overbought zone to signal exhaustion among buyers soon.
ETH/USD: 4-hour
Ethereum
Price is also climbing past the mid-channel area of interest on the rising channel visible on its 4-hour time frame. This means that ETH could be on its way to testing the top of the channel closer to the $300 major psychological mark.
LTC/USD: 4-hour
Litecoin
Then again, the 100 SMA is cruising above the 200 SMA to suggest that there’s more upside for litecoin. Price is also moving above both indicators, so these could hold as dynamic support levels on dips.
XRP/USD: 4-hour
XRP
Stochastic has a bit of room to climb before reflecting exhaustion among buyers and a possible return in bearish pressure. This might just be enough to allow XRP to test the neckline resistance soon, but better watch those candlesticks closely to gauge if a bullish breakout is likely!
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!
Wednesday, February 12, 2020