Bitcoin Cash, Ethereum Classic, Binance Coin Price Movement Analysis for 8th May, 2021

Spread the love

 302 Interactions,  6 today

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.

RECOMMENDED READ:  XRP Price Movement Analysis for 26th April, 2021

Ethereum Classic [ETC]

Source: ETC/USD, TradingView

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.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Binance Coin’s movement over the last 24 hours was mostly predictable, as it remained rangebound. The daily timeframe, on the other hand, revealed an intriguing creation. On the regular charts, a cup and handle trend emerged, and a surge was anticipated in the coming days.

BNB will fall lower prior to this result, as predicted by its technicals. The RSI indicated a bearish divergence, and the Awesome Oscillator indicated a bearish twin peak configuration. A drop below $600 could take it as low as $470, negating the trend. If $600 holds, an increase over $700, and even $778, is likely in the coming weeks.

Leave a Reply

Contact Us