Stellar and Bitcoin Cash falter at the start of the week
A new weekly low for the price of Bitcoin Cash was formed this morning at the $372.18 level.
Stellar chart analysis
In the last couple of days, the price of Stellar has been in a sideways consolidation in the 0.102000-0.106000 range. This morning, we dropped below the EMA 200 moving average, which added to the bearish pressure. The price formed a new weekly low at the 0.101750 level. From this support level we see a recovery to 0.103900 and the EMA 200 moving average. We need a jump to 0.105000 in order to form a new daily high and thereby increase the chances of recovery.
If we manage to see the price of Stellar above 0.106000 again, it will move it to the positive side above the weekly open price. After that, we will have a new opportunity to recover. Potential higher targets are the 0.107000 and 0.108000 levels. For a bearish option, we need a negative consolidation and a break below the support at the 0.102000 level. Thus, the price goes to a new weekly low, confirming its weakness. Potential lower targets are the 0.101000 and 0.100000 levels.
Bitcoin Cash chart analysis
A new weekly low for the price of Bitcoin Cash was formed this morning at the $372.18 level. After that, the price managed to stabilize there and start a recovery to the $385.00 level. We are now testing the EMA 200 moving average in this zone. It is quite possible that the price will not have enough strength to jump this hurdle. This will trigger a new bearish consolidation with the aim of seeing a lower low forming.
Potential lower targets are the $370.00 and $365.00 levels. For a bullish option, we need to stabilize and move to the $385.00 level. The price of Bitcoin Cash could initiate a bullish consolidation from there and continue its recovery. Potential higher targets are the $390.00 and $395.00 levels.
