I’m keeping close tabs on these long-term areas of interest on the altcoin charts to see if rallies are about to resume soon.
What do you think? Which altcoins are looking most bullish these days?
BTC/USD: Daily
Bitcoin seems to be resuming its slide after resistance at the $50,000 barrier held like a boss.
Which levels are sellers aiming for?
The Fibonacci extension tool shows nearby support levels, with price already closing in on the 38.2% level at $39,326.
Stronger selling pressure could take BTC down to the 50% level at $35,137 or the 61.8% Fib at $30,947. After all, technical indicators are confirming a continuation of the drop.
The 100 SMA is below the 200 SMA to indicate that the path of least resistance is to the downside. In addition, Stochastic is heading south, so price could follow suit until oversold conditions are met.
Is BTC/USD a buy or a sell?
ETH/USD: Daily
ETH is still in correction mode and has now dipped lower to the 50% Fibonacci retracement level.
Now more buyers might be hanging out at this area since it lines up with the 100 SMA dynamic inflection point and a former resistance zone that might hold as support.
The 100 SMA is above the 200 SMA to show that support levels are more likely to hold than to break, but Stochastic has a bit of room to head lower before reflecting exhaustion among sellers.
An even larger pullback could test the 61.8% Fib that coincides with the 200 SMA, but this would be the line in the sand for a correction.
Is ETH/USD a buy or a sell?
If the Fibs hold as support, ETH could find its way back up to the swing high at $4,000 or higher!
XRP/USD: Daily
XRP recently busted through a long-term falling trend line, suggesting that a reversal from the downtrend is in order.
But where are the bulls these days?
Price is still retesting the broken trend line, which happens to be in line with the 61.8% Fibonacci retracement level.
This is kind of a crucial test of buying energy, as a bounce off this area could take XRP back to the swing high while a break lower could signal a continuation of the selloff.
Technical indicators are looking mixed, with Stochastic about to indicate oversold conditions and the moving averages showing sustained selling pressure.
XMR/USD: 4-hour
XMR bulls, watch out!
Monero crashed right through the neckline of its head and shoulders pattern visible on the 4-hour time frame, signaling that a downtrend is underway.
Is it too late to jump in?
Price could fall by the same height as the reversal formation, so there’s still plenty of downside from here.
Moving averages confirm that bearish pressure could stay in play, as the 100 SMA recently crossed below the 200 SMA.
Just be careful when shorting this one since Stochastic dipped into the oversold region to suggest that bears might take a break. Better wait for a retest of the broken neckline if you’re hoping for a more conservative entry!
