Bitcoin Cash and IOTA were primed for a breakout as they developed a triangle trend of falling trading volumes. Compound flipped the $211 level to help it and moved for $250.
Similar to BCH, IOTA also expected a breakout. An ascending triangle pattern was built on the charts, with trade volumes decreasing over the last few days. Usually, this trend sees a breakout upside down. Beyond $0.45, the next peaks of high resistance are $0.5 and $0.54.
The RSI bounced weakly off the neutral 50 axes, and although the momentum was slightly in favour of the bulls, this could change easily if IOTA slipped under the lower triangle.
The next level of IOTA support in the event of a decline is $0.37.
Bitcoin Cash [BCH]
Over the last few days, trading volumes have been falling, while BCH has formed a triangle trend and is primed for a breakout. At the time of publication, it was trading at $473 and had a support level of $459 and a resistance level of $504.
The Amazing Oscillator has shown that the momentum for BCH has lately been neutral, and the market seems to be waiting for a breakout. For the next two hours, the trading volume will be the most important predictor to point to a breakout.
Compound gave a couple of mixed messages. The market behaviour showed that COMP developed an upward channel. If this could be a reversal trend, COMP overturned the amount of resistance to help and grew higher in the last few hours.
The MACD was on the brink of creating a bullish convergence over the zero lines which, if it did, would suggest a strong bullish momentum.
The Chaikin Money Flow suggested a net capital flow to the market, which illustrated the appetite of the buyers.
However, the rate of exchange has gradually declined, even though the price has increased. Not seen here, but noted in the previous analysis, the OBV has shown steady pricing pressure on the commodity, even as its prices have continued to increase.
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