Cryptocurrencies

Cryptos Look to be Bouncing Off Support

Though it’s still a bit early, many coins look like they are bouncing off the support levels they pulled back to the past week.

Let’s take a quick look at a couple of them…

Litecoin Looking Orderly

Looking at the chart of litecoin in the daily timeframe you see it pulled back to the first level support target, which was the prior resistance.

This is a confirmation of the break and bodes well.  However, I will feel alot better about it if price can push to the previous top at $100.

In the end – if it just consolidates sideways that would still be fine though.

Steem hanging in the same range

Looking at the daily chart we can see steem traded back down to the bottom end of the range it’s been in since early March and so far looks to have bounce off it a bit.

This is really the firs true test of that 40 cent level since it broke above it in March, save for that crazy intraday spike on the April 2nd candle.

Either way, this serves as some confirmation and bodes well for price maintaining that low.

Anything Can Happen

Still, we need to remember anything can happen.  All it takes is one BTC whale to dump and it weighs on the whole market.

The tone of buying has improved in the vast majority of coins the past month though, lets see if that theme continues to play out.

Related posts

Crypto Contest February 22: Ubiq

Markus Aarnio

Crypto Contest April 16: NKN

Markus Aarnio

Two Minute Crypto – Key Concepts Three

cryptos-decrypted
No comments yet