Stellar and Bitcoin Cash: Stellar is looking for new support
The price of Bitcoin Cash has been retreating since Monday.
Stellar chart analysis
The price of Stellar retreated this morning to 0.097823 to a new weekly low. Yesterday’s picture was totally different, as we saw a bullish trend up to the 0.106511 level. After that, the price suddenly started to lose momentum and began a bearish consolidation at this morning’s low. Additional pressure was in the EMA 200 moving average after falling below the 0.101200 level. We now see the price trying to stabilize above the 0.098000 level.
If Stellar manages to stabilize above the 0.098000 level, it could pave the way for a bullish consolidation, potentially pushing the price back above the 0.100000 level. This scenario opens up the possibility of reaching higher targets at 0.101000 and 0.102000 levels, instilling a sense of optimism in the market. On the other hand, a bearish option could see the price dropping to this morning’s support level, potentially leading to a slide below to a new low. Lower targets at 0.097000 and 0.096000 levels could come into play in this scenario.
Bitcoin Cash chart analysis
The price of Bitcoin Cash has been retreating since Monday. This morning, it dropped to the $407.00 support level. There, we tested the EMA 200 moving average, which helped us stop further pullbacks. After that, the price tried to recover but encountered resistance at the $420.00 level. We need a stronger bullish impulse to reach $430.00 and get additional support at the EMA 50 moving average.
Such a picture has the potential to push Bitcoin Cash to higher levels. Potential higher targets are the $440.00 and $450.00 levels. We need a negative consolidation and a drop below the $410.00 level for a bearish option. With that move, we pull back below the EMA 200 moving average. After that, the chances of seeing a further pullback and a search for new support increase. Potential lower targets are the $400.00 and $390.00 levels.
