After market leaders Bitcoin and Ethereum recaptured key levels on their respective price charts, the larger altcoin market shone green as money poured back into the crypto market. Although BTC returned to the $50k-price mark, ETH climbed past the $1,500-level again.
Alts like Bitcoin Cash, Ontology, and Dash, as predicted, took positive cues from these developments and watched their own recovery.
Bitcoin Cash [BCH]
With losses of almost 22 per cent in the last seven days, Bitcoin Cash’s market cap dropped below the $10 billion mark, as it barely ranked 10th in CoinMarketCap’s rankings. At the time of writing, BCH had minimised its losses to $477.8 and had seen a recovery towards its immediate resistance. The MACD closed on a bullish crossover, while the Stochastic RSI pointed north from a neutral zone.
The overhead resistance would be $558.46 and $608.46, if BCH were heading north. The magnitude of its gains will depend on the bullish evolution of the indicators referred to above. If the wider demand for selling persists, the next level of funding will be $420.
The hourly charts underscored Dash’s bullish movement as he tried to flip the $242.7-resistance. The Awesome Oscillator rose above the half-mark as the momentum shifted to the bullish side. However, the immediate upper ceiling needed stronger cues from the wider market.
The Chaikin Money Flow has shown that the flow of institutional money may have helped to reduce recent losses since the index moved above the half-line, despite a drawback over the last few sessions. A hike over the press time barrier would present the next resistance levels at $260.5 and $280.
Ontology climbed back above the $1-mark, at press time, after the bulls raised the price from the $0.89 support level. The Bollinger Bands noted that the market was highly volatile as the bands were diverging. Volatility can, however, allow faster recovery, and a hike to the simple moving average may have appeared at press time. If the bands start to contract at a price level, expect a consolidation phase, as the price will try to stabilise.
The Awesome Oscillator registered a single green bar, suggesting that the buyers were looking to take control of the bear market. The cryptocurrency resistance levels were $1.05 and $1.19.