Bitcoin Cash, Synthetix, and Algorand have posted losses in the past few hours as Bitcoin has come under pressure to sell. The defense of $ 32,000 for Bitcoin, or the lack of defense, would also have a major impact on the altcoin market.
Bitcoin Cash [BCH]
BCH formed a descending triangle pattern (orange) and broke upward. Still, he couldn’t go over $ 540 and formed a double top. Combined with the selling pressure on Bitcoin, BCH was forced to cede the $ 504 and $ 459 levels to the bears.
A session close below $ 459 will likely push the price down, towards $ 415 in the coming days. Bitcoin has declined over the past two days, from $ 37,300 to $ 32,755. If the $ 32,000 level is not defended by the bulls in the coming hours, we can expect further decline for BCH as a result.
The RSI showed strong bearish momentum, however, trading volume did not increase during the sell-off indicating that this was a reaction to Bitcoin’s downside and the recovery would likely be swift.
The impressive oscillator has indicated increasing bearish momentum behind SNX. The $ 14.1 level has not yet been lost, but the coming hours will likely see the price drop.
The highlighted region is that of SNX demand, and price is expected to dip into this region and rebound higher to test $ 14.1 as resistance.
Closing a trading session below the $ 12.35- $ 13.1 region will see the $ 11.2 SNX test as support.
Like Bitcoin Cash, the trading volume did not increase even if the price fell – an indication that the market was lacking conviction for this move south.
The MACD showed that the bearish momentum is building and is about to fall below the zero line which will generate a strong sell signal. However, the OBV didn’t drop much – a theme in the altcoin market that was reacting to Bitcoin’s decline to $ 32,000.
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