Bitcoin Cash was trading within a descending channel as the market’s bears slowly forced the prices lower. STEEM saw a surge of about 34%, but retraced most of it within a matter of minutes, while Maker was in a phase of consolidation.
Bitcoin Cash [BCH]
Bitcoin Cash was trading within a descending channel and faced resistance at and rejection from the $414-level. Subsequently, the price began to move south. At the time of writing, BCH had a value of $406.4, but it was likely heading lower.
The rejection at the $414-level indicated that BCH might be forced down to retest the $371-level as support. The mid-point of the falling channel can also serve as short-term support.
The OBV registered lower highs throughout the period BCH has traded within the descending channel. This pointed to rising selling volume. Alongside the rejection at the resistance level, it can be expected that BCH is set for a trip to $371.
Analyzing STEEM on the 1-hour timeframe, it can be seen that STEEM traded within the $0.168-$0.19 range for the past week. It should be noted though that recent trading sessions did see a surge to $0.24 and an immediate wave of selling that occurred in a matter of minutes.
Even though the cryptocurrency was backed by extraordinary trading volume, the “breakout” was very brief and the price was back within the range.
It remains to be seen whether STEEM climbs to $0.178 and whether it can bounce back upwards. The past couple of days did see a gradual shift in momentum to the bullish side as STEEM oscillated within its range, and at the time of writing, the RSI was dipping to 50 again.
A session close below the $0.178-mark will likely see STEEM head towards $0.168.
The trading volume was minimal while the MACD showed neutral momentum even on the 4-hour timeframe. The Bollinger Bands tightened around the price to indicate lowered volatility.
Taken together, the conclusion seemed to be that MKR was consolidating atop the $1380-level of support. Imminent levels of support included $1,380 and the 38.2% retracement level at $1,156. This retracement level was based on MKR’s surge from $484 to $1,978.
Moving above $1,500, or beneath $1,200 would be an early sign that the market has decided on its next course.