Bitcoin Cash could see another round of sales when $ 1,200 is transferred to the bears. Cosmos envisioned bullish action, but the bulls could lose steam if a breakout above $ 29.7 is denied. Finally, if its $ 10.2 support collapses, Nano could see a 13% decline toward the 200-SMA.
Bitcoin Cash [BCH]
A defensive area around USD 1,200 was highlighted on the daily chart for Bitcoin Cash, where purchases have been made in the past few days. However, volumes were far from levels seen since early May and this pointed to reactionary buying rather than a bullish rally. An upward channel was highlighted on the chart and if bulls sell $ 1,200 to the bears it could sell off towards the next support at $ 1,043.
The Ingenious oscillator still reflected sales momentum and the risk of collapse has not yet been mitigated. A bearish crossover in the MACD confirmed the attitude of the AO. Conversely, an increase above the upper trend line could trigger a price increase.
With a price increase of 12% in the past 24 hours, Cosmos was trading at the top of its $ 27.9 resistance. Backed by healthy volumes, ATOM made a strong case for a breakout in the coming hours and a new ATH, but another test was expecting $ 29.7 (not shown). Volumes need to be carefully monitored in the future as higher trading activity would not only allow for another breakout, but would also detect an ATOM trend towards the north.
The RSI was in a bullish zone at the time of writing. Moving above 62.3 could result in a revisit of the upper zone. The other way round is a ADX Reading 17 indicated that the market was becoming less directional. The bulls lost steam as the price neared $ 29.7, countering a breakout forecast.
Although a single Candlewick rose as much as $ 14.5, Nano’s candle holders hadn’t risen above $ 13.5 yet. The 4 hour period showed a zone of resistance around this level and a move north was rejected by the market’s sellers. This resulted in a downturn and a break below $ 10.2 could be detrimental to NANO’s near-term performance. Such an event could trigger a 13% retracement towards the 200-SMA.
A bearish double peak on the Ingenious oscillator could see a strong shift in momentum to the sell side. Meanwhile it is Chaikin cash flow was well below half the line, underscoring the lack of institutional capital inflows.
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