After observing a rising wedge breakdown on its 4-hour chart, Bitcoin Cash bulls needed to defend the 50 EMA to hold their grounds. Further, MANA continued to face a hurdle at its supply zone while its technicals displayed decreasing buying influence. Also, Sushi endeavored to cross its 20 EMA while exhibiting an advantage for the bears.
Bitcoin Cash (BCH)
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As the bearish phase heightened, BCH sharply fell and lost its year-long support (now resistance) at the $387-mark. After a nearly 28% retracement (from 10 February), the alt matched its January lows. BCH oscillated between the $387-$260 range for over seven weeks.
The latest retracement saw a down-channel (yellow) that yet again tested its 15-month support at the $260-floor. As a result, the price reversed and went up by more than 31% before pulling back from the rising wedge (white). Now, the 50 EMA (cyan) confluences with the horizontal $216-mark to form immediate support.
At press time, BCH traded at $317.5. After nosediving from the 70-mark, the RSI took a break below the equilibrium, but the 47-support stood sturdy. Furthermore, the DMI lines took a bearish crossover. But its ADX still stood fairly weak, revealing a weak directional trend.
Since touching its 11-week low on 22 January, the alt saw a staggering 107.4% ROI until 9 February. Post which, it dropped below crucial price points.
Over the past few days, MANA grew in a rising wedge on its 4-hour chart. The Supply zone (rectangle) created after the recent sell-off still stood strong as the alt struggled to cross the $2.7-mark. Now, any close below the wedge could lead to a $2.5 retest.
At press time, MANA traded at $2.69. The RSI continued its growth in the up-channel. However, it was challenging to stay afloat above the midline after the recent fall. Also, the MACD histogram fell below the zero-line, revealing decreasing buying momentum.
Since 8 February, SUSHI retreated in two down-channels (white) on its 4-hour chart and flipped the 20-EMA (red) from its support to resistance. As a result, SUSHI marked a nearly 45% retracement since then and poked its 14-month low on 24 February.
Even though the recent revival witnessed an up-channel, SUSHI found it challenging to overturn the 20 EMA. This trajectory confirmed the increasing bearish vigor. Now, the bulls needed to defend the lower trendline of the channel to prevent a further breakdown.
At press time, SUSHI was trading at $3.357. The RSI recovered but still failed to cross the 61-hurdle. It skewed in favor of the sellers after a 12 point plunge over the last day. Moreover, even the CMF declined below the half-line, indicating a slight bearish edge.
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