I’m seeing new trend lines and channels forming on the 4-hour charts of the altcoins. Better keep tabs on these potential trade opportunities!
Cryptocurrencies were mostly in the red for the previous week, erasing most of the other week’s gains.
Bitcoin is looking at the smallest loss of 1.86%, followed by LTC which is down 3.63%. XRP is behind the pack with nearly a 5% loss.
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 larger rally could last until the channel top closer to the 61.8% Fib and $9,435 level. This is also in line with the 200 SMA dynamic inflection point, which is above the faster-moving 100 SMA to confirm that resistance levels are likely to hold.
ETH/USD: 4-hour
Ethereum
Applying the handy-dandy Fib tool on the latest swing low and high shows that the 61.8% level is near the channel resistance, which might be the line in the sand for a correction.
LTC/USD: 4-hour
Litecoin
The 100 SMA also crossed below the 200 SMA to indicate that support is more likely to break than to hold. If bulls charge again, though, another top around $50 could be formed.
XRP/USD: 1-hour
XRP
Technical indicators are suggesting that sellers have the upper hand as Stochastic makes its way to the oversold region while the 100 SMA remains safely below the 200 SMA. Stronger selling pressure could take XRP down to the full extension at 0.1620 next.
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!