Bitcoin Cash traded just above the support level at $507 as the bearish sentiment took hold. Elrond and Tron seemed to be regaining some buoyant traction, even though, as Tron climbed past $0.05, EGLD broke out of its descending channel trend over the past few days.
Bitcoin Cash [BCH]
BCH noticed a bearish discrepancy in the charts, with prices rising higher even though the trend indicator (RSI) lowered the charts. This, along with Bitcoin’s $52,000 slide, has seen BCH falling from $550 to hit $508 in the past few days.
Subsequently, Bitcoin Cash bounced to $523, but the short-term trend was in favour of bears as the RSI dipped below 50 to signify a hike under bearish strain. The $507-level has previously served as a support, but it is likely to be turned into a resistance within the next few hours.
The trading volume peaked during the sessions where BCH lost value, meaning that investor sentiment was in favour of the bears of the market.
For the last two days, TRX has climbed past 38.2 per cent and 50 per cent, based on TRX’s decline from $0.06 to $0.038. The OBV also climbed slowly and reported a series of higher lows, but this was not yet representative of bullish momentum.
The MACD reported a minor uptick in a northbound momentum. In combination with the TRX climb above the $0.05 threshold, it appeared to be a sign of steady recovery for TRX. A decline under the $0.0495 mark would be a bearish development which could result in the market bears shifting the trace of support to resistance.
On the 4-hour map, EGLD broke up and retested the upper bounds of the descending channel that had been traded for much of February. Such a breakout usually sees the price reversing and rising back to the top of the channel – in this case, to the $200-$210 area.
After the market shifted the 23.6 per cent retracement level to help, there was a notable increase in trading volume. While the most recent session had not been closed at press time, it had a considerable amount and pointed to investor conviction.
The Awesome Oscillator was a bearish twin peak set up (orange), a sell warning, but the EGLD bulls were able to stop the plunge at $130 and push prices up.
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