Stellar retires, while Bitcoin Cash is looking for support
- The price of Stellar rose to the 0.112427 level on Wednesday, forming a new weekly high there.
- The price of Bitcoin Cash is moving in the $374.00-$384.00 range today.
Stellar chart analysis
The price of Stellar rose to the 0.112427 level on Wednesday, forming a new weekly high there. After that, a bearish consolidation began, which came to the fore today. As of this morning, we are in a strong bearish consolidation with the 0.110000 level. By falling below 0.107000, we fell below the EMA 50 moving average. That only strengthened the bearish trend, and the price retreated to the 0.104000 level.
We are now testing the weekly open price, and strong bearish momentum could easily take us to a new lower low. Potential lower targets are the 0.103000 and 0.102000 levels. For a bullish option, we need to stabilize above the 0.105000 level. After that, we can expect to initiate a bullish consolidation and continue the recovery. Potential higher targets are the 0.106000 and 0.107000 levels.
Bitcoin Cash chart analysis
The price of Bitcoin Cash is moving in the $374.00-$384.00 range today. In the $382.00 zone, we have resistance in the EMA 50 moving average, which for now keeps us on the bearish side. We need momentum above $386.00 to break out of today’s range. This could trigger the price to continue rising and climbing to higher levels.
Potential higher targets are $388.00 and $390.00 levels. If we fail to exceed the EMA 50 moving average, the Bitcoin Cash price will be forced into a pullback. In the $377.00 zone, we will try to stay above the weekly open price. With increased bearish momentum, the only option is to see the price drop to a new low. Potential lower targets are $374.00 and $372.00 levels. Additional support in the $372.00 zone is at the EMA 200 moving average.
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