As Bitcoin bounces are Ethereum, XRP, and Litecoin on their way to new yearly highs?

If Ethereum breaks below the 150-week moving average, which acted as a strong point of resistance for 5 weeks and now it appears to be acting as strong support, its market valuation could experience a sharp decline down to the 50-week moving average that is currently sitting around $190. On its way down, Ethereum will have to break through the Fibonacci retracement levels that could behave as barriers due to the high concentration of demand around them.

Along the same lines, the ascending parallel channel on the 1-day chart could be indicating that if the bearish signals seen on the bigger timeframes are validated, Ethereum could go down to the bottom of the channel.

Every time Ethereum reaches the top of the channel it retraces to the middle of the channel or the bottom and then bounces off to the top once again.

Since this cryptocurrency is currently trading around the middle line of the channel it could go down to the bottom, which is also where the 50 percent Fibonacci retracement level sits, and bounce off to new highs marking the end of the correction.

The ascending parallel channel that can be seen on the 1-day chart could actually add credibility to the idea that XRP will bounce off from the $0.38 support level to test the $0.46 resistance level again.

This is a bearish reversal pattern signaling that if Litecoin breaks below the $115 hurdle point it could go down to the next level of support at $93.5, $70, or even $57. If the bearish formation previously described is validated, then the ascending parallel channel that can be seen on the 3-day chart where Litecoin has been trading since mid-December 2018 could be about to break to the downside.

If the channel continues to hold, a move up to the middle or the top could be expected with the potential to take this cryptocurrency to new yearly highs.

If the evening doji star candlestick formation and a break below the ascending channel are confirmed, history will likely repeat itself and Litecoin could fall another 40 percent to try to test the support given by the 200-day moving average on the 1-day chart just as it did in 2015.

Under the longer-term timeframes, Ethereum and Litecoin appear to be turning bearish while XRP looks bullish.

As a matter of fact, the bullish signal will be given once, and if, these two cryptocurrencies are able to move above their recent yearly highs.