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Following the market leaders Bitcoin and Ethereum trading marginally below their respective ATHs, the majority of altcoins market remained conservative and showed consolidatory activity, anticipating the next big step. This was the case for BCH and FTT, who were both limited to a narrow channel at the time of publishing.
Bitcoin Cash [BCH]
The Bitcoin Cash price consolidated between $547.6 and $511.4, a condition that has been popular among other altcoins after the king coin retraced from record lows. BCH, a former top ten cryptocurrency, was valued at $544.8 at the time of publishing, with a market value of just more than $10 billion.
The Bollinger Bands exhibited low volatility and mirrored the market’s conservative attitude towards BCH. The Amazing Oscillator, on the other hand, was bullish-neutral. A break over the current channel would almost certainly elicit additional bidding, but sellers would be on the defensive at the $607-resistance stage. If Bitcoin sets a new record high, BCH is expected to hold above the $600 mark.
Decred was also in a time of recovery, with the market heading southbound from record highs and trading below the $171.8 resistance mark. A bullish twin peak configuration on the Awesome Oscillator contributed to excitement notwithstanding low trading levels and purchasing activity. The RSI also indicated bullish intensity by pointing upwards from the 50-level.
DCR would likely trade near to record levels if it climbed above the current resistance, but stronger signals were needed to back up a breakout forecast. A increase in trading volumes, on the other hand, might catapult DCR to a bullish result.