242 Interactions, 4 today
If $1,200 is turned over to the bears, Bitcoin Cash may see another round of selling. Cosmos forecasted a bullish course, but the bulls can lose momentum if a breakout over $29.7 is not achieved. Finally, a breakdown from its $10.2-support could result in a 13% drop towards its 200-SMA.
Bitcoin Cash [BCH]
The daily Bitcoin Cash map showed a defensive region about $1,200, which had seen buying in recent days. Volumes, on the other hand, were well below levels seen since the beginning of May, implying reactionary buying rather than a bullish rebound. On the map, an up-channel was illustrated, and if bulls give up $1,200 to the bears, a sell-off could occur into the next support at $1,043.
The Awesome Oscillator also embodied sale momentum, and the risk of a failure remained. The AO’s position was reinforced by a bearish crossover in the MACD. A move beyond the upper trendline, on the other hand, could result in a price increase.
Cosmos is trading at the top of its $27.9-resistance after a 12% price increase in the last 24 hours. Backed by healthy numbers, ATOM made a good case for a rebound and a new ATH in the coming hours, yet another challenge awaited at $29.7. (not shown). Going forwards, volumes must be closely monitored because increased trading activity would not only allow another breakout, but would also cause ATOM to drift northward.
At the time of publication, the RSI was in the bullish region. A step above 62.3 which result in a return to the upper region. A reading of 17 on the ADX, on the other hand, indicated that the demand was getting less directional. As the market hit $29.7, the bulls were losing momentum, which played towards a breakout forecast.
While a single candlewick could reach $14.5, Nano’s candlesticks have yet to exceed $13.5. The 4-hour timeline revealed a resistance zone about this stage, and the market’s sellers refused a northbound advance. This resulted in a decline, and a break below $10.2 could have a negative impact on NANO’s short-term trajectory. A 13 percent retracement towards the 200-SMA could result from such an incident.
A bearish twin peak setup on the Awesome Oscillator could result in a significant change in leverage to the sell-side. Meanwhile, the Chaikin Money Flow was significantly below the half-line, highlighting the absence of institutional capital inflows.