The tight range in Bitcoin was resolved to the upside. Currently, the bulls are attempting to extend the pullback to $4,255. A break out of this level will complete an inverse head and shoulders pattern that has a target of $5,500.
If the price falls to climb above $4,255, the BTC/USD pair will attract short sellers. Any break of the immediate support of $3,550 can drag the price back to the lows. The downtrend will resume if the cryptocurrency makes a new yearly low.
Ethereum has been trading close to $167.32 for the past five days. Though the bulls have failed to break out of the overhead resistance, one positive thing is that the price has not given up much ground. A breakout above $167.32 can result in a move to $225, followed by a rally to $249.93. Our bullish view will be negated if the ETH/USD pair plunges below the moving averages.
Ripple is trading in a descending channel. Both moving averages are flattening out and the RSI is close to the 50 levels.
Litecoin completed an inverse head and shoulders pattern on. This has triggered our buy setup proposed in the previous analysis. The pair now has a pattern target of $49.756. If the bulls sustain above $47.246, the price can move up to $56.910.