Stellar and Bitcoin Cash: Stellar encounters new resistance
- On Wednesday, Stellar dropped to a new weekly low at 0.088347
- Bitcoin Cash’s price was under strong bearish pressure as we saw a drop to a new weekly low of $296.31
Stellar chart analysis
On Wednesday, Stellar dropped to a new weekly low at 0.088347. After that, we saw a recovery and the start of a bullish consolidation up to the 0.092500 level. Here, we encountered resistance and started a pullback to the 0.090500 level. The new resistance is now at the daily open price, which could strengthen the bearish momentum and take us to a new daily low. Potential lower targets are the 0.09000 and 0.089000 levels.
Great support awaits us in the 0.09000 zone at the weekly open price. For a bullish option, Stellar’s price would have to break the resistance at the daily open price. With momentum above 0.09200, we expect a stronger bullish momentum and continuation with recovery. Potential higher targets are 0.093000 and 0.094000 levels. An obstacle to our recovery could be the EMA 200 moving average in the 0.093000 zone.
Bitcoin Cash chart analysis
Bitcoin Cash’s price was under strong bearish pressure as we saw a drop to a new weekly low of $296.31. We stayed below for a short time because a quick recovery above the $305.00 level followed. Yesterday’s momentum continued to push the price to the $319.43 level, a new high. We didn’t have the strength to go above, and the withdrawal from there was started. This morning, a new opening at the $316.00 level influenced us to see a couple of bearish impulses and a pullback to the $306.00 level.
With this, we formed a new daily low and strengthened the bearish momentum to continue downwards. Potential lower targets are $304.00 and $302.00 levels. For a bullish option, we need a price return above the $314.00 level. This would move the price of Bitcoin Cash above the weekly open price and the EMA 50 moving average. With the new support, we can expect the initiation of a bullish consolidation and a larger recovery. Potential higher targets are $316.00 and $318.00 levels.
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