Stellar is stable; Bitcoin Cash is down 16.00% below $600.00
On Wednesday, the price of Stellar fell to a new weekly low at the 0.125448 level. Yesterday, Bitcoin Cash fell to a new weekly low of $596.05.Stellar chart analysis
On Wednesday, the price of Stellar fell to a new weekly low at the 0.125448 level. After the new support, we quickly returned above the 0.128000 level and, from there, started a bullish consolidation to the 0.131000 level. Here, we encounter resistance in the EMA200 moving average, which for now, represents an obstacle to our bullish continuation. A new impulse to the bullish side would easily do that by moving us above.
Potential higher targets are 0.132000 and 0.133000 levels. We need a negative consolidation and price pullback below the 0.129000 level for a bearish option. With that, we break through the previous bullish formation and turn to the bearish side. Potential entry targets are 0.128000 and 0.127000 levels.
Bitcoin Cash chart analysis
Yesterday, Bitcoin Cash fell to a new weekly low of $596.05. The decline was $116.00, or 16.36%, compared to this week’s high. Since yesterday, the recovery has been quite weak, only up to the $630.00 level. There, we encountered new resistance, which forced us to go down to $610.00. We are again facing lower levels, and it is possible that we will retest yesterday’s support zone.
Potential lower targets are $600.00 and $590.00 levels. We need to get back above the $630.00 level for a bullish option again. In this way, we will test the previous resistance, and a new attempt gives us a new chance to break above. Potential higher targets are $640.00 and $650.00 levels. Bitcoin Cash could face higher resistance in the EMA200 moving average in the zone of the $650.00 level.
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