Bitcoin Price Analysis: Bulls Waiting Around Current Levels Litecoin Price Analysis: LTC/USD Testing Key Support Ethereum is making a correction to its short-term ascending trend line and is testing support around the Fibonacci retracement levels. Price is currently at the 50% Fib level around $610 that lines up with the trend line.
The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This means that the rally is more likely to resume than to reverse.
The gap between the two is also widening to signal strengthening bullish momentum. Also, the 200 SMA lines up with the trend line to add to its strength as a floor.
At the same time, stochastic is indicating oversold conditions to show that sellers are already exhausted at this point and ready to let buyers take over. In that case, a bounce back to the swing high at $713.88 could be seen soon.
A larger pullback could still draw support at the 61.8% to 78.6% Fibonacci retracement levels. Cryptocurrencies took hits across the board, likely on profit-taking at the middle of the week. Read more from ethereumworldnews.com…
thumbnail courtesy of ethereumworldnews.com