Yesterday wasn't a good day for cryptocurrencies, in particular for Bitcoin Cash. So I decided to add it on today's analysis, in order study the situation of a wider range of cryptos.
Let's see the charts!
BITCOIN
SHORT TERM
1 hour chart
Yesterday I showed two possible scenarios (you can find the analysis here) and some hours after support at 4250$ has been broken, so the pattern called "Head and Shoulders" was completed. Price felt reaching first support at 4145$.
Now we must consider that: this pattern gives an indication of a continuation with target price 4034$. On the other hand RSI was in oversold area, so we could assist at a small rebound.
Honestly I think would be wise to wait for more consistent indications. An important level to monitor is 4250$.
Looking at daily chart, the short term movement we described is really not worrying.
Price is returning on ascending trendline and it could touch it exactly at 4030$ level, so we have a connection between short and medium term analysis.
Trend is still positive and MACD gave a buy signal, so at the moment there are no bad news.
Short term view is negative: price is moving in a descending channel, even if we can talk about a sideways movement between 280$ and 310$.
MEDIUM TERM
1 day chart
No news on medium term chart: trend is still positive but we must look at MACD, that is near to change its signal from BUY to SELL.
BITCOIN CASH
1 hour chart
Not a good moment for Bitcoin Cash owners.
I can give just one good news: RSI is in oversold area and it could mean that a rebound could happen soon. But we must keep in mind that trend is negative and at the moment there aren't signals of a possible medium term reversal.
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Comments are welcome!
1 hour chart
Yesterday I showed two possible scenarios (you can find the analysis here) and some hours after support at 4250$ has been broken, so the pattern called "Head and Shoulders" was completed. Price felt reaching first support at 4145$.
Now we must consider that: this pattern gives an indication of a continuation with target price 4034$. On the other hand RSI was in oversold area, so we could assist at a small rebound.
Honestly I think would be wise to wait for more consistent indications. An important level to monitor is 4250$.
MEDIUM TERM
1 day chart
1 day chart
Looking at daily chart, the short term movement we described is really not worrying.
Price is returning on ascending trendline and it could touch it exactly at 4030$ level, so we have a connection between short and medium term analysis.
Trend is still positive and MACD gave a buy signal, so at the moment there are no bad news.
ETHEREUM
SHORT TERM
1 hour chart
1 hour chart
Short term view is negative: price is moving in a descending channel, even if we can talk about a sideways movement between 280$ and 310$.
MEDIUM TERM
1 day chart
No news on medium term chart: trend is still positive but we must look at MACD, that is near to change its signal from BUY to SELL.
BITCOIN CASH
1 hour chart
Not a good moment for Bitcoin Cash owners.
I can give just one good news: RSI is in oversold area and it could mean that a rebound could happen soon. But we must keep in mind that trend is negative and at the moment there aren't signals of a possible medium term reversal.
If you want to keep updated on CryptoCharting analysis, just press "SUBSCRIBE" on the top of this page.
Comments are welcome!
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