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Bitcoin and Altcoins Price Analysis: More Corrections Happening!

Bitcoin and Altcoins Price Analysis: More Corrections Happening!

Bitcoin,Bitcoin

Missed the pullbacks on crypto rallies?

Here are some more altcoin retracements you might wanna keep tabs on!

BTC/USD: 4-hour

BTC/USD 4-hour Chart
BTC/USD 4-hour Chart

Bitcoin crashed below the rising wedge we were watching last week,

Bitcoin,

Bitcoin

 hinting that a longer-term slide may be in order.

The wedge pattern spans around $43,000 to $64,800 so the resulting slide could be of the same size. Sellers seem to be taking a pause, though, as technical indicators suggest that buyers have the upper hand for now.

The 100 SMA is above the 200 SMA, so bullish pressure is in play. At the same time, Stochastic is heading higher but closing in on the overbought zone to suggest that sellers could return soon.

The Fib retracement tool shows that the 61.8% level lines up with the area of interest at the $60,000 major psychological mark. If this holds as resistance, BTC could resume the drop to the swing low or much lower!

LTC/USD: Daily

LTC/USD Daily Chart
LTC/USD Daily Chart

Litecoin is still in correction mode, as price is testing the 50% Fibonacci retracement level at $250.

Can bulls return from here?

Reversal candlesticks might be forming, indicating that a bounce back to the swing high at $335 is in order. In addition, the 100 SMA is above the 200 SMA to show that the uptrend is more likely to resume than to reverse.

However, Stochastic is still heading south, so a deeper pullback is possible until oversold conditions are seen. In that case, LTC could retreat to the 61.8% Fib that’s closer to the rising trend line support at $230.

NEO/USD: 1-hour

NEO/USD 1-hour Chart
NEO/USD 1-hour Chart

NEO is also in retracement mode but on its short-term time frame. Price has dipped to the resistance-turned-support level that lines up with the 50% Fib and 100 SMA dynamic inflection point.

Buyers could take control from here, as Stochastic is already dipping into the oversold region while the 100 SMA remains safely above the 200 SMA. The gap between the moving averages is even widening to reflect strengthening bullish momentum.

If support holds, NEO could find itself back at the swing high and beyond!

DASH/USD: 4-hour

DASH/USD 4-hour Chart
DASH/USD 4-hour Chart

DASH appears to have completed its pullback and is now setting its sights on the next upside targets marked by the Fib extension tool.

How high can it go?

Price is already closing in on the first resistance at the 38.2% extension around $343 but might have enough momentum to make it to the 50% level at $370. The 61.8% extension lines up with the swing high near $400 while the full extension is at $484.

Stochastic is heading north but approaching overbought conditions, so bulls might need a break soon. Then again, the 100 SMA is increasing its lead over the 200 SMA to reflect strengthening bullish pressure.

If this is your first time checking out crypto charts, keep in mind that 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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