Despite last week’s drop seen on all Cryptocurrencies, but yesterday, we have witnessed a strong recovery, which supported the idea of building a new base over daily charts.
Bitcoin (BTCUSD) has moved upwards after touching the levels of 8400.00 to currently flirts with SMA50 once again. Actually, the consecutive three daily closings below the bearish trend line, connecting the movements from all-time high didn’t prevent bulls from taking Bitcoin above it again today.
Assessing momentum indicators, we can see Stochastic popping up from oversold territories, but we are still waiting for a crossover to affirm the bullish recovery.
The most important level to watch resides in the 11700.00 boundaries as a break above them will expose the psychological levels of $15000.00.
Conversely, a break below 8400.00 will damage any upside probability over short-term basis.
Ripple (XRPUSD) also has found some kind of support around 0.70, which protected it from achieving additional bearishness during the past three trading days.
A decisive break above 1.01 is required to activate the positive crossover on Stochastic.