In order to show that Bitcoin Cash is on the road to recovery, it still needs to close above the 50 EMA near the $331 level. Tron, on the other hand, showed a short-term uptrend as it swayed above its 20 EMA. But the 38.2% Fibonacci level kept getting in the way. Also, Fantom broke through its trendline resistance and tried to reach the $2.2-mark, but it was hard to get enough people to buy it.
Bitcoin Cash (BCH)
During this time, the bearish phase began. BCH fell quickly, and it lost its one-year support (now a resistance) at the $387 level. In January, it went back down about 38%. On January 24, it hit its lowest point in 13 months at 24 January.
Then, the bearish flag broke down from the long-term support of $270. Recovering its losses, it turned the 50 EMA (blue) from a place where it was an obstacle to a place where it was support. This week, BCH has seen a triangle form. Thus, it fell below the $331-resistance level that was also the 50-EMA level, so it lost ground.
This is what the price of BCH was right now. The RSI turned and lost its support in the middle. There would be support near the 43-point if the market went back down any more. DMI lines crossed in a bearish direction, but the ADX still showed a weak trend.
After 20 January, TRX went down 30% and hit its six-month low on 24 January, which was the day after. If you looked at a 4-hour chart, you could see that the alt has been moving up in a yellow ascending channel.
As of 10 February, it had gained almost 40%. It came back to the golden Fibonacci level again then. Since it tried this level, it has seen a pullback as it tried to break out of the pattern. However, the $0.064 support held strong while the bears held the 38.2% resistance. It could retest the $0.064 mark if its 20 EMA (red) closes below that.
This is what TRX was worth at the time. It has been going down for the last ten days. In order to avoid a 44-point retest, the bulls had to step in and protect the midline support. The CMF, on the other hand, showed a strong bullish edge and said there was a lot of buying going on while keeping the 0.13 level as a support.
Since FTM turned around from the $3.32 level, the bears were in charge. Over 47 percent of its value went away, and it hit a one-month low on January 24.
Since then, the alt has stayed between $2.49 and $1.9. This is how it looked: The alt saw a month-long trendline resistance (white) while still keeping the $1.9 support. This suggested that the market was going to go down, but the recent down-channel breakout made more than 14% in two days. At the $2.09 mark, FTM broke through its trendline resistance and went over the line again. Now, the next level of resistance was at $2.22.
If you want to buy or sell FTM right now, the price is 0. The RSI quickly came back from the oversold zone. There would be a push for overbought territory if the stock closed above the 60-point mark at any point. Even so, the recent gains didn’t lead to more people buying or selling. This suggests that the bullish move isn’t going to be very strong.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.