The crypto gang needed a quick break from their recent rallies and might draw more bullish energy with these potential pullbacks.
Cryptocurrencies were still mostly in the green over the past week, with XRP leading the pack at a 23.95% price increase.
BTC and BCH are sitting on the losers’ bench, though, with a 0.13% and 1.04% loss respectively.
Check out this ranking of bitcoin and its buddies for the past seven days:
Altcoins Price Performance from MarketMilk
BTC/USD: 4-hour
Bitcoin
Stochastic still has room to head south, though, so sellers might still be in control. A larger pullback could last until the 61.8% Fib that coincides with an area of interest and the moving averages.
The 100 SMA is above the 200 SMA to confirm that support levels are more likely to hold than to break, and the gap between the indicators is widening to reflect strengthening bullish momentum.
ETH/USD: Daily
Ethereum
More buyers might be waiting to go long around the 38.2% Fib that lines up with a former resistance that could hold as support. An even larger correction could reach the 50% level that’s close to the 100 SMA dynamic inflection point or the 61.8% Fib that lines up with the 200 SMA.
LTC/USD: Daily
Litecoin
Take note that Stochastic is just making its way down from the overbought region, which means that sellers are just getting started. Better wait for a reversal candlestick to form at any of the Fib levels if you’re planning on going long!
XRP/USD: Daily
XRP
Still, an upside break from the 0.3300 area could be enough to confirm that a rally of the same height as the chart pattern could follow.
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!