forex Sharika Bitcoin and Altcoins Price Analysis: BTC Back in Selloff Mode?

Sharika Bitcoin and Altcoins Price Analysis: BTC Back in Selloff Mode?

Bitcoin and its buddies spent another week in the red, with XRP chalking up the largest decline. Are more losses in the cards?

Check out this ranking of bitcoin and its buddies for the past seven days:

Cryptocurrencies Price Performance from MarketMilk

BTC/USD: 1-hour

Bitcoin

Stochastic is supporting this view as the oscillator is turning higher from the oversold region to signal a return in bullish pressure. In that case, bitcoin could recover to the channel resistance around $9,800 or at least until the mid-channel area of interest around $9,500.

However, the 100 SMA is below the 200 SMA to suggest that support is more likely to break than to hold. If that happens, a steeper selloff might follow!

ETH/USD: 1-hour

Ethereum

Buying momentum could return since stochastic is already pulling up from the oversold region. However, the moving averages made a bearish crossover to hint that a break below support might take place. If so, a selloff of the same height as the triangle could ensue.

LTC/USD: 1-hour

Litecoin

In that case, litecoin bears could still have a shot at breaching the range support and pushing for a drop that’s the same height as the rectangle pattern.

XRP/USD: 4-hour

XRP

The chart pattern spans .2800 to around .3500, so a drop of .0700 might come next. The 100 SMA is above the 200 SMA for now, but a bearish crossover seems to be looming to indicate that sellers are taking the upper hand.

Be mindful of quick pullbacks, though! Stochastic is indicating oversold conditions after all, and the oscillator could turn higher soon to show that buyers are back in the game.

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!

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Sunday, May 3, 2020

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