It looks like the rallies are slowing for bitcoin and its buddies.
Could this be a sign of market exhaustion or are they bracing for another leg higher?
Take a look at these crypto charts to find out!
Bitcoin is hitting a ceiling at the $50,000 major psychological mark and is retreating to nearby support levels.
Are more buyers about to hop in soon? And where?
The handy-dandy Fib tool shows that the 50% level is right smack in line with a rising trend line and a short-term area of interest at $47,250.
A larger pullback could reach the 61.8% Fib that coincides with the 100 SMA dynamic support around $46,400.
Stochastic has some room to move south before reaching the oversold region, so the correction could keep going. The 100 SMA is above the 200 SMA to confirm that support levels are more likely to hold than to break.
If the Fib levels are enough to keep losses in check, better be ready for BTC to bounce back to the swing high and beyond!
ETH has been on a tear these days, but it seems that bulls could use a break right now.
I’m seeing a bearish divergence on the 4-hour time frame, with price forming higher highs and Stochastic showing lower highs.
Price is already testing the 100 SMA dynamic support, so a break below this could confirm that more losses could follow.
However, the 100 SMA is above the 200 SMA to suggest that there’s still a chance for the uptrend to resume. The gap between the indicators is widening to reflect strengthening bullish pressure, too.
If you’re bullish on this one, you might be better off waiting for Stochastic to reach the oversold region and turn higher to signal that buyers are returning.
ANKR was able to break above the neckline of its long-term double bottom pattern, confirming that a reversal from the slide is underway.
Is there still room to catch the rally, though?
Unlike most of its altcoin peers, ANKR is taking a bit of a breather after its upside break, providing an opportunity for more bulls to join in.
Price has been consolidating in what appears to be a bullish flag pattern, so I’d watch out for a break past the 0.1200 mark as a continuation signal.
Just be careful since the moving averages made a bearish crossover, and Stochastic has plenty of room to move south, so price might follow suit.
SUSHI lovers, watch out!
The latest rally is hitting a roadblock at the top of the descending channel on its daily time frame. If price keeps retreating from here, it could make its way down to the bearish targets marked by the Fibonacci extension tool.
The 38.2% level is in line with the mid-channel area of interest while the 50% level coincides with the swing low. Stronger selling pressure could drag it down to the 61.8% Fib near the channel bottom.
Note that the 100 SMA is below the 200 SMA to reflect bearish momentum while Stochastic is just starting to make its way down from the overbought zone.
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If this is your first time checking out crypto charts, keep in mind that there is a considerable amount of risk in trading cryptocurrencies due to their inherent volatility and sensitivity to headlines. Be careful out there!