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Bitcoin Cash is trading in a falling triangle, and a drop below $1,280 might cause a sell-off. The down channel of Ethereum Classic can continue to fall before breaking to the upside. Finally, Binance Coin displayed a cup and handle pattern, indicating that a spike is expected in the coming days.
Bitcoin Cash [BCH]
As of press time, Bitcoin Cash had slipped below $1,400 due to resistance at $1,460. A falling triangle was spotted on the hourly timeframe – a trend that normally results in a break to the downside. Prior to this, BCH would most likely oscillate between $1,420 and $1,280. Breaking above $1,430 could result in a bullish outcome and invalidate this trend, but profits would be minimal.
The RSI rose from 30 to about 50, indicating a degree of equilibrium between buyers and sellers. If BCH falls into the oversold category, it would almost certainly give up the $1,280 mark to the bears. This will also result in a breakup of the triangle, highlighting support thresholds at $1,202 and $1,100. The MACD indicator displayed a bearish divergence and persisted below the equilibrium level.
Ethereum Classic [ETC]
Ethereum Classic has been due for a correction for quite some time. According to RSI, ETC has been overwhelmingly overbought since May 1, but strong buying demand has postponed a market pullback. This was no longer the case. ETC created a down channel on the hourly timeframe, and although this signals a split to the upside, the channel could peak at lower levels in the coming days.
A fall below support at $93.5 could result in losses all the way to the 200-SMA, which is close to $75. The Awesome Oscillator detected some bullish momentum, but it remained below the half-line. The 4-hour timeframe revealed the other side of the coin, as sellers retained momentum.