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Another day, another bearish market onslaught.
Most cryptocurrencies’ values fell as Bitcoin rejected the $35,000 barrier level. The price fell by more than 6% to as low as $32,799. Needless to say, cryptocurrencies quickly followed suit.
Bitcoin Cash [BCH], Polkadot [DOT], and Ethereum Classic [ETC], for example, all fell lower on the price scale, making the spot market more volatile.
Bitcoin Cash [BCH]
Bitcoin Cash‘s price has followed Bitcoin’s market trend during the last few hours. Its price dropped in a falling channel until finding support around $491.65.
On its way down, BCH was heavily traded at $499, according to the Visible range. This might be the level at which traders feel comfortable with the asset. This might also imply that the low pricing will remain between $491 and $499 for the foreseeable future. Meanwhile, in order to sustain this level, purchasing pressure may need to increase, and according to the Relative Strength Index, BCH was recovering from the oversold zone on the charts.
Despite this, momentum has remained negative due to the market’s extreme volatility.
Polkadot was rising in price, reaching $17.67 before falling to $15.73. The 50 moving average crossed above the candlesticks as the asset attempted to stabilise at this price level, emphasising the strong downward pressure. The Stochastic RSI, which remained in the oversold zone while the buying and selling pressures battled it out, emphasised this.
The market’s southward pressure also drove the Chaikin Money Flow to zero. This indicated that the money that was entering the market was now leaving. This was a negative indicator for DOT’s pricing.
Ethereum Classic [ETC]
The price of Ethereum Classic fell, causing a shift in the market trend. The market had become very volatile, and the price had not yet established a firm footing at the time of publication.
After falling from $55, the price of ETC fell below the support level of $50.96. This $5 price change pushed the bears deep into the market, and the Directional Movement Index revealed that ETC’s market was dominated by selling pressure. The -DI soared well above the +DI and maintained its lead. This might result in more losses for the price of ETC.
As the MACD line passed beneath the signal line, the bearishness was confirmed.