Bitcoin Cash maintained its range-bound movement but remained vulnerable to the incoming selling pressure. Bitcoin SV represented a critical region to regain between its 23.6% and 38.2% Fibonacci values. Eventually, Litecoin threatened to fall into its demand zone if it collapsed at $ 156.
Bitcoin cash [BCH]
On the 12-hour chart, Bitcoin Cash’s 50-SMA (yellow) and 200-SMA (green) seemed to be approaching a confluence point. A crossover below 200-SMA could trigger an additional wave of bearish sentiment and block BCH’s attempt to recover. The last time there was a crossover between the two averages was in October 2020, but the same was reversed in 15 days. That was again in a bullish broader market, however. With a bearish market continuing at the time of writing, the BCH’s path to recovery may not be as clear as it was before.
A loss on its current channel would likely cause BCH to move south toward a demand zone between $ 460 and $ 540. Consolidation was also likely with BTC moving sideways in the coming days. According to Great oscillator, the momentum has been weak in the last few sessions. RSI was still under 50 and an outbreak did not seem likely.
Bitcoin SV [BSV]
A look at Bitcoin SV’s 12-hour chart showed that the cryptocurrency has been under pressure since its highs in early May. A drop from $ 460 to $ 130 represented a catastrophic drop in value of 70%, and while that number may be on par with some other alts on the market, BSV has not regained any major levels since the May 19 crash. One important area to reclaim was between the 23.6% Fibonacci level ($ 214.6) and the 38.2% Fibonacci level ($ 266.9). These regions also showed some interaction between the 50-SMA (yellow) and 200-SMA (green).
Nonetheless, the BSV lacked the strength to break out, which was made clear by the declining territory of the RSI. Naturally, Super trend indicator flashed a sell signal but placed a stop loss at around $ 215.
The extended nature of litecoins EMA tapes showed that a bearish trend was very much at play despite the cryptocurrency making lower highs. MACDs The histogram noted a weakening of the momentum as the signal line was about to cross the fast moving line.
The focus should be on support zones in the coming days as LTC was not yet lacking any bullish strength for a breakout. In the event of a $ 156 collapse, LTC would likely revisit its demand zone between $ 116 and $ 141. A loss in this region too could trigger a bigger sell-off, but that depended on bearish indications from the market leaders.
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