🔼 Cryptocurrencies snap a losing streak, altcoins lead
Cryptocurrencies caught a bid during the Asian session and managed to launch a recovery move. Bitcoin climbed back above $43,000 and Ethereum moved back above $3,000. Smaller altcoins also perform well - Tezos and Chainlink gain over 6%. However, moods soured a bit after the launch of the European session and part of gains was trimmed already.
CHAINLINK managed to break above the 200-hour moving average (purple line) overnight and trades near the midpoint of the recent range. The nearest major resistance to watch can be found at $25.50 and is marked with the upper limit of triangle pattern. Upside breakout from the pattern could hint at a move towards the $30.20. However, CHAINLINK is pulling back slightly now and a retest of the aforementioned moving average as a support cannot be ruled out.
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Source: xStation5
TEZOS also jumped overnight. Coin tested the downward trendline in the $6.00 swing area but was unable to break above and has traded sideways since. Lack of break above could trigger a pullback towards the lower limit of a recent range at $5.50. On the other hand, breaking abvoe the $6.00 area, that also serves as the neckline of the double bottom pattern, may trigger a large upward move. In such a scenario, the next resistance level to watch can be found at 50% retracement of recent correction ($6.425).
Source: xStation5
