3 Cryptocurrencies Look Bullish With Bitcoin Above $60k
Bitcoin (CRYPTO: BTC) surpassed and has so far held, above $60,000 and a number of popular alt-coins look set for a bullish week.
When charting cryptocurrencies there are many different chart options and pairs. Many traders and investors prefer to use charts from high-volume exchanges such as Bittrex and Kraken.
See Also: How To Buy Bitcoin
Dogecoin (CRYPTO: DOGE) got a boost this weekend after Elon Musk pumped it in a tweet.
On the four-hour chart, Dogecoin has been consolidating since reaching a nine-week high of $0.079 on Sunday. Dogecoin is trading in a bullish descending channel above support at $0.07 and above both the eight-day exponential moving average (EMA) and the 21-day EMA.
Bulls want to see Dogecoin break up through the upper sloping line of the descending channel. If Dogecoin can break up out of the channel, it has room to move to its next resistance level of $0.079 and if it can bust up over that it can trade back its all-time high range. Bears want to see Dogecoin continue trading down in the descending channel until it loses support at $0.07.
Energy Web Token (CRYPTO: EWT) is being held down by a descending trendline on the four-hour chart and is fighting to keep above resistance of $16.74. Stocks and cryptocurrencies often have repetition on their charts and Energy Web Token traded under a similar descending trendline from March 28 to April 5 before breaking up through it.
Bulls want to see a second bullish reaction to the descending trendline. If Energy Web Token can break up above the sloping line, it can hit the next resistance level of $17.92. Bears want to see it continue to trend downwards for it to lose support at $16.74.
Ripple (CRYPTO: XRP) broke bullish on Saturday and jumped up over a resistance level of $1.09 that had been holding it down since February 2018. After reaching a three-year high of $1.49 on Sunday, Ripple has been consolidating in what appears to be a bull flag on the four-hour chart. Ripple is trading above both the 8 and 21-day EMAs which is bullish. Although it may be a bit extended from the 21-day EMA on the four-hour chart, a few more hours of consolidation in the bull flag would help both EMAs to catch up to the share price.
Bulls want to see Ripple break up above the upper descending trendline of the flag and over the $1.49 level of resistance made on Sunday for a move back into the $2 range. Bears want to see Ripple trend down in the descending channel or for it to break down below the channel to see it drop down to the $1.10 mark.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.