Bitcoin Cash, Algorand, Basic Attention Token Price Analysis: 17 April

Bitcoin Cash might retrace towards the $1,000-mark or even lower before making the next push. Algorand was tipped to break below a rising wedge pattern, while BAT could trade rangebound over the coming days.

Bitcoin Cash [BCH]

Along with most large caps off-late, Bitcoin Cash has also been enjoying its moment in the sun on the back of a bullish king coin. Over the last 24 hours, BCH surged by another 27.5% and peaked above the $1,200-mark. Using a low of $443.06 and a high of $1,216, some Fibonacci extension levels were plotted on the 4-hour timeframe. Extensions levels at 127.2% and 141.4% resided at $1,428 and $1,538, respectively, but a pullback was expected prior to the next upswing.

This could take place at $1,051 or at the 61.8% Fib level ($921.8). The RSI pointed south from the overbought territory and suggested an incoming correction. The MACD line dipped over the last few sessions and this was noted on the histogram.

Algorand [ALGO]

A rising wedge was spotted on Algorand’s 4-hour chart and a break in either direction could have strong implications on its mid-long term trajectory. A breakdown from the lower trendline would see a dip towards the 200-SMA (green) but a move below this moving average could lead to an extended sell-off. On the other hand, a bullish broader market could push ALGO north of the $1.77 upper ceiling. This would complete a recovery above late February levels.

A bearish divergence on the RSI

threw its weight behind an unfavorable outcome. An ADX reading of 14 also highlighted a weak trend in the market. In case of a pullback, levels to watch out for include $1.37 and $1.26.

Basic Attention Token [BAT]

Basic Attention Token moved rangebound between $1.40-$1.59 over the past week and its on-chain metrics did little to convince the market of a shift away from this channel. Volatility was on the lower end according to the width of the Bollinger Bands

. The candlesticks are likely to bounce between the upper and lower band moving forward as well.

The MACD line was superimposed on the signal line above the half-mark. If it continues to trade sideways for the next week, BAT could have likely entered an accumulation phase before the next breakout. Traders would be advised to wait and watch in such a scenario. Those wishing to capitalize on the movement can sell on resistance and buy at support.