Bitcoin Cash risked falling below the 50% Fibonacci level, but the bulls showed some resilience. SUSHI could drop to $ 10 if it loses at its strong support of $ 12.7. The Nano needed more revs to break the $ 6 mark, while the Verge moved south from the symmetrical triangle.
Bitcoin Cash [BCH]
Taking advantage of the fall in Bitcoin Cash during the late February pullback, some important Fibonacci retracement levels have been highlighted on its 4-hour timeframe. At the time of writing, BCH is in danger of falling below the important 50% Fibonacci level of $ 602. A move below this point is likely to cap BCH below the $ 600 level in the coming days.
AT OBV has largely remained steady since March, and it seemed doubtful that buying pressure could come to BCH’s aid. Nonetheless, trading volumes were still good at over $ 6 billion and the bulls could defend themselves. AT RSI the pair fell at 51 and still showed some optimism in the market.
Although SUSHI dipped below its support at $ 14.36, another line of defense was available at $ 12.7. However, a break below this level could lead to an extended sell-off and bulls should be wary of this over the next few trading sessions.
AT OBV has formed lower highs since early March and this was not a encouraging sign if SUSHI intends to maintain its upward trajectory. AT CMF showed that capital inflows have also been limited since the end of March. The breakout could drop to $ 10.5 or even $ 10 in a bearish outcome.
The Nano had indeed made headway towards its $ 8 recovery, but the market didn’t look ready to rise yet. The first call for the bulls was above $ 6 and this has not been met despite several attempts over the past two months. Secondly, a bearish crossover was seen on the exchange. MACD as NANO tried to restore the above level.
AT Awesome oscillator recorded successive red streaks, but were still above half the mark. Trading volumes have also been flat over the past 24 hours. The market cannot be considered bearish at the moment, but it also did not support the break to the north.
A break below the lower trendline caused the Top to move south from the symmetrical triangle towards the support area at $ 0.042. AT RSI formed two peaks in the upper territory and showed an overbought condition in the market before going down on the chart.
However, the trajectory of XVG in 2021 has been optimistic, and abrupt disruptions in the past few months have been rare. If the price does move south, the bulls can be expected to protect the $ 0.037 level from an extended sell-off.
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