Altcoins are back in consolidation mode these days as traders appear to be waiting for stronger market catalysts. Will we see breakouts soon?
Check out this ranking of bitcoin and its buddies for the past seven days:
Cryptocurrencies Price Performance from MarketMilk
BTC/USD: Daily
Bitcoin
Then again stochastic is pointing lower to reflect a pickup in selling pressure, which might be enough to take bitcoin down to the support at the 38.2% extension around $4,450.
ETH/USD: 1-hour
Ethereum
Price just bounced off the top of the triangle and seems to be setting its sights back at support around $130. Technical indicators like the moving averages and stochastic are suggesting that the drop could carry on.
LTC/USD: 1-hour
Litecoin
Note that the 100 SMA is below the 200 SMA to hint that support is more likely to break than to hold. Also, stochastic is moving south so price could follow suit while sellers have the upper hand.
XRP/USD: 1-hour
XRP
The 100 SMA is also above the 200 SMA to indicate that the path of least resistance is to the upside or that support is more likely to hold than to break. In that case, another bounce to the top of the triangle might 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!