The bears are now developing a descending consolidation as the cryptocurrencies continue to grow following the small consolidation despite the buyers failed in breaking the key resistance levels out.
During the consolidation, a few cryptos might form reversal patterns. These patterns will act as strong signals for minimal market risks. What’s more, the bullish pressure tends to be stronger lately, making it possible for the prices to grow further from their current levels.
Interestingly, the cryptocurrency markets slowly heading their way to steam, showing a positive sign. No matter the events would be, all cryptos tend to display a massive potential for boosting increased growth.
Based on the current crypto market performances, many folks look forward to the more good news.
BTC’s Breaks Above the $8,893 200-Day SMA
Bitcoin (BTC) did not disappoint the bulls as it broke above the $8,893 200-day SMA. Both the RSI’s position near the overbought zone and the upsloping 20-day EMA suggest that the bulls control the market.
On the other hand, BTC bulls can possibly encounter a $9,600 minor resistance level. Above that level, an extended rally towards $10,360.89 is possible.
ETH Sets to $173.841 and $180 Resistance Levels
Currently, the Ethereum (ETH) bulls try to break above the resistance levels of $173.841 and $180. In the case they become successful with their move, then the next target will be $197.75.
However, if the bulls fail to break out that level, the ETH/USD pair can possibly bounce back to $173.841 or $157.50 price levels.
XRP Gains $0.2326 Overhead Resistance Level
After scaling above the $0.2326 overhead resistance zone, XRP can then move up to $0.25401 minor resistance. From this price movement, the bears are expected to defend the $0.258 200-day SMA and $0.25401 zones.
If the bulls successfully break above the resistance level, then the next rally would be at $0.34229.
BCH Gives Advantage to the Bulls
Although bears continue to defend the overhead resistance level at $403.88 so that they can turn down the price into $306.78 and $403.88 range, Bitcoin Cash (BCH) still gives an advantage to bulls. That is because of the RSI’s close position to the overbought zone and sloping 20-day EMA.
In the bulls can break above the $403.88 level, then the next move up of BCH/USD pair will be $480.
BSV Eyes for $458.74 Rally
Bitcoin Satoshi Vision (BSV) has seen with continued trading between the range of $337.8 and $236. on the other hand, this range contracted a bit while a symmetrical triangle is being spotted.
In the case that the bulls can successfully push above the resistance level of $337.8, then BSV can rally towards $458.74.
LTC Sets to Bounce Off the 20-Day EMA
As the bears continue to work harder, Litecoin (LTC) faces another selling close to the $62 200-day EMA. In the case that the price collapses from its current level, $55 20-day EMA will act as a support level.
However, the bulls are expected to make a further attempt to clearing the 200-day SMA overhead resistance along with above $66.1486 level so that LTC/USD pair can successfully bounce off the 20-day EMA.