It’s been a pretty good run for bitcoin lately, but its crypto buddies have been left behind. Will more bulls join from here?
BTC is the only one in the green with a 1.13% gain while the rest are deep in the red last week.
Litecoin is in the top two spot but is looking at a 4.71% loss while BCH is eating dust at a 5.38% loss.
Check out this ranking of bitcoin and its buddies for the past seven days:
Cryptocurrencies Price Performance from MarketMilk
BTC/USD: 4-hour
Bitcoin
The 100 SMA is still above the 200 SMA to confirm that the path of least resistance is to the upside while Stochastic has room to move north, so price could follow suit.
ETH/USD: 4-hour
Ethereum
The 50% level could be a good take-profit point since it lines up with the latest swing high. Stronger bullish momentum could take price up to the 61.8% level at $232 or the full extension at $255.
Technical indicators hint that more gains are in the works as the 100 SMA is above the 200 SMA while Stochastic is pulling up.
LTC/USD: 4-hour
Litecoin
If any of the Fibs hold as support, LTC could recover to the swing high at $60.72 or the very top of the ascending channel.
Moving averages and Stochastic confirm that bullish momentum is still present.
XRP/USD: 1-hour
XRP
If that happens, XRP could be in for a climb that’s around the same height as the triangle pattern. Then again, the 100 SMA could hold as dynamic resistance around the triangle top, and the narrowing gap between the moving averages reflects weakening bullish pressure.
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!