After making strong rallies in the past week, bitcoin and its peers look prime for retracements these days.
So far ETH is leading the pack, followed by litecoin, while XRP is trailing behind but still safely in the green.
Will more buyers hop in soon?
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 still has room to move lower before reflecting exhaustion among sellers, so bitcoin might dip further before bouncing. A break below the channel support around $6,500, however, could hint that a reversal is due.
ETH/USD: 4-hour
Ethereum
Just be careful, though! The 100 SMA is still below the 200 SMA for now to suggest that bearish momentum is present.
LTC/USD: 1-hour
Litecoin
However, the 50% Fib level already seems to be keeping losses in check as stochastic is starting to pull up from the oversold region. If any of the nearby support levels hold, litecoin could soon find itself climbing back to the swing high or higher.
XRP/USD: 4-hour
XRP
The 100 SMA is below the 200 SMA for now, but the gap has narrowed enough to signal that a bullish crossover might follow. In that case, more buyers could take over and push for a continuation of the uptrend.
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!