After market leaders Bitcoin and Ethereum regained key levels on their respective price charts, the larger altcoin market turned green as capital returned to the crypto market. As BTC regained the $ 50,000 price level, ETH again broke through the $ 1,500 level.
As expected, alts such as Bitcoin Cash, Ontology and Dash took positive clues from these developments and considered their own recoveries.
Bitcoin Cash [BCH]
With losses of nearly 22% over the past seven days, Bitcoin Cash’s market cap has fallen below the $ 10 billion mark as it barely held up at No. 10 in the CoinMarketCap rankings. At the time of writing, BCH had minimized its losses to $ 477.8 and was considering a rally towards its immediate resistance. The MACD closed on a bullish cross, while the Stochastic RSI pointed north of the neutral zone.
Overhead resistance levels would stand at $ 558.46 and $ 608.46 if BCH moves north. The size of its gains would depend on the upward movement of the aforementioned indicators. If the general market sell-off continues, the next level of support would be $ 420.
Ontology rose above the $ 1 mark, at press time, after the bulls lifted the price from the $ 0.89 support level. The Bollinger Band noted a very volatile market as the bands diverged. Volatility may allow a faster recovery, however, and a rise towards the simple moving average seemed likely at the time of publication. If the bands start to contract at a price point, expect a phase of consolidation as the price will seek to stabilize.
The Awesome oscillator recorded a single green bar and suggested that the buyers were looking to take control of the bear market. The resistance levels for the cryptocurrency stood at $ 1.05 and $ 1.19.
Hourly charts highlighted Dash’s bullish move as it attempted to reverse the $ 242.7 resistance. The Awesome oscillator rose above the half mark as momentum shifted to the bullish side. However, stronger signals from the wider market were needed to reverse the immediate upper cap.
The Chaikin Money Flow showed that the flow of institutional money could have helped mitigate recent losses since the index rose above the half-line, despite a pullback in recent sessions. A rise above the press time barrier would present the next resistance levels at $ 260.5 and $ 280.
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