Bitcoin Cash seemed uncertain of reversing its resistance at press time, as the indicators were giving mixed signals regarding its future trajectory. Uniswap could move south from its descending triangle as momentum builds on the sellers side. Zcash showed some indecision in its market as price continued to trade in a range, with a breakout unlikely in the next few sessions.
Bitcoin Cash [BCH]
With weekly losses of over 33%, Bitcoin Cash slipped to 12th in the crypto rankings with a market cap of $ 8.6 billion. Over the 4 hour period, the price slipped below the $ 464 support, but the bulls hoped for a return on the charts. The RSI avoided oversold territory but pointed lower than the 35 mark at the time of writing. The MACD was neutral on the upside as the fast line floated just above the Signal line.
It was doubtful that the aforementioned resistance mark could be reversed in the next few sessions as trading volumes and buying activity remained subdued.
A descending triangle has formed on Uniswap’s 4-hour chart after price formed lower highs after record highs. Prices generally tend to deviate from this pattern on low trading volumes. The Awesome oscillator showed the momentum rested on the short side as the red bars rose below the half line. A fall below the lower trendline could see UNI heading towards the $ 15 mark.
The Stochastic RSI disagreed with AO and suggested UNI may be higher after a bullish cross in the oversold zone. However, a move above the upper trendline was unlikely given the state of the market as a whole.
Zcash continued to move in a fixed channel on the 4 hour chart with the balance being maintained between buyers and sellers. The Bollinger Band also reflected the consolidation, with volatility remaining low in the market. The MACD line was superimposed on the signal line, reflecting market indecision.
However, a sharp move in either direction could see the market tilt sharply in favor of the side that imposes the breakout. A bullish scenario could see the ZEC heading towards the next resistance mark at $ 138.4. Conversely, a decline could see the price move towards a support of $ 98.1.
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