Analysis
Bitcoin Cash, Monero, Waves Price Analysis: 20 August
Following Bitcoin and Ethereum’s hikes, altcoins mirrored similar price actions. BCH bounced off the $623.37 support line and eyed touching the $672.68 price ceiling. Monero gained by 5% and finally, Waves prepared to retest its $26.50 resistance level.
Bitcoin Cash [BCH]
BCH/USD, TradingView
Bitcoin Cash logged gains of 4.4% over the last 24 hours, with the altcoin trading at $656.83 after it bounced off the $623.37 support. Indicators emanated a bullish price signal for BCH. With sustained positive price action, it can retest the $672.68 resistance level and again attempt to touch the $705.02 price ceiling for the second time this month.
The Awesome Oscillator flashed growing green signal bars implying bullish movement. The MACD also displayed green histograms after a bullish crossover.
Conversely, the Chaikin Money Flow remained below the half-line, in bearish territory, despite a hike in capital inflows.
If the price hovers around the press time level over the next few trading sessions, BCH can fall back to the $623.37 support line.
Monero [XMR]
XMR reversed its recent losses with 5% gains over the last 24 hours. The immediate resistance for XMR lay at $275.58 and following a consistent uptick, it could test the aforementioned resistance for the third time in the same month. Technicals for Monero flashed bullish signals.
The green signal bars on the Awesome Oscillator gained strength. Correspondingly, the MACD also pictured green histograms.
Buying pressure recovered as the Relative Strength Index crept above the midline into bullish territory.
In the event the price declines, the support levels would lie at $257.25 and then, at $233.25.
Waves
WAVES/USD, TradingView
Steering off the $21.85 support line, Waves eyed the $25.32 resistance level. With a continuous uptrend, it could break above the aforementioned resistance level to touch $26.50 for the second time this month.
The Awesome Oscillator noted green signal bars underlining the onset of bullish price movement. The MACD also started to observe the emergence of green histograms after a bullish crossover.
Finally, the Bollinger Bands remained parallel with convergence indicating that over the next few trading sessions, Waves could exhibit rangebound movement.
If the price falls, the support levels for Waves were at $21.85 and $18.24.
