Bitcoin Cash’s market bears targeted a move below the 23.6% Fibonacci retracement level, but a fightback can be expected from the market’s bulls soon. On the contrary, Waves continued to trade within its press time channel while DOGE was unlikely to break north from an ascending triangle, at least in the short-term.
Bitcoin Cash [BCH]
A short-term target for Bitcoin Cash’s bulls lay above the 38.2% Fibonacci retracement level, which resided around the $560-mark. While this level was breached just once over the last three weeks, the bears were swift to reject the northbound move. Selling pressure was evident in the market as the OBV formed lower highs. In fact, the dearth of buying activity could also lead to a breakdown from the 23.6% Fibonacci level.
The RSI was pointing south from 40 and underlined weakness in BCH’s short-term trajectory, but the bulls can be expected to put up a fight at the press time price level.
The Bollinger Bands for Waves registered low volatility as the price traded between $10.13 and $9.16. This meant that huge price swings were unlikely and a consolidation phase could continue over the next few trading sessions. The Awesome Oscillator reflected a neutral market, but it was slightly tilted in favor of the bears, at the time of writing.
While the press time channel registered equilibrium, it was an important level for both buyers and sellers. A sharp move in either direction could align the market strongly in favor of the side that enforces a breakout. A bullish scenario could see WAVES move towards the $11-mark, while a breakdown would highlight support at $8.40.
An ascending channel formed on the 4-hour timeframe as Dogecoin made higher lows and consistent highs over the last 30 days. A breakout from the upper trendline would present a target around the $0.07-resistance, but that would largely depend on stronger cues from the broader market. With Bitcoin and Ethereum both trading below their recent ATHs, DOGE could continue to remain watchful within its current channel.
The MACD was bearish-neutral, while the Stochastic RSI headed lower from the mid-point. In the event of a breakdown, the support at $0.048 could cushion additional losses.
Subscribe to our Newsletter