Stellar and Bitcoin Cash: Stellar has dropped to a new low
- This morning, Stellar’s price retreated to a new weekly low at the 0.095970 level
- This morning, we saw Bitcoin Cash pull back to a new daily low at the 331.50 level
Stellar chart analysis
This morning, Stellar’s price retreated to a new weekly low at the 0.095970 level. On Wednesday, the price failed to hold above 0.98500 and the EMA 200 moving average. This led to a bearish impulse that broke below and initiated a bearish consolidation. After that, Stellar did not have the strength to return to the bullish side but continued to fall, forming a new weekly low.
Potential lower targets are 0.095500 and 0.095000 levels. For a bullish option, we need a positive consolidation and a return to the 0.097500 level. With that step, we would indicate that we are turning to the bullish side. Next, we expect momentum to 0.098000 and EMA 50 moving average support. There, we return above the weekly open price to the positive side, which means we will continue on the bullish side. Potential higher targets are 0.098500 and 0.099000 levels.
Bitcoin Cash chart analysis
This morning, we saw Bitcoin Cash pull back to a new daily low at the 331.50 level. We were very close to testing the weekly open price. The price managed to stabilize there and move up to $336.00. Now, we are holding on here and waiting for the next impulse that will send us to the bullish side. With the retracement above $338.00, we are back above the daily open price and expect to see a continuation of the recovery.
Potential higher targets are $340.00 and $342.00 levels. The EMA 50 moving average around $342.00 is the first additional resistance. For a bearish option, we need a negative consolidation pullback down to the $330.00 level. The inability to maintain at this level will push us below to a new weekly low. Potential lower targets are $328.00 and $325.00 levels.
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