Stellar under pressure; Bitcoin Cash drops below $350.00
Stellar’s price dropped to 0.086903 this morning, forming a new weekly low.
Bitcoin Cash’s price has been under heavy bearish pressure since the beginning of this week.
Stellar chart analysis
Stellar’s price dropped to 0.086903 this morning, forming a new weekly low. The fall has stopped there for now, and we see a recovery to the 0.089500 level. We do not manage to move above care, and we encounter new resistance. From there, the price initiates a new bearish consolidation and descends to the 0.087500 level. It is very possible that we will see another test of the transient low.
If Stellar does not find support at that level, it will drop to a new weekly low. Potential lower targets are the 0.087000 and 0.086500 levels. We need a positive consolidation and a return above the 0.089500 level for a bullish option. Then, the price must hold above that level to trigger a further recovery to the bullish side from there. Potential higher targets are the 0.090000 and 0.090500 levels.
Bitcoin Cash chart analysis
Bitcoin Cash’s price has been under heavy bearish pressure since the beginning of this week. Pressure intensified on Tuesday following a pullback below the EMA200 moving average. On Wednesday, the price tried to hold above the $370.00 level. Strong bearish momentum this morning along those zones created the first impulse and lowered the price to a new low. Then, Bitcoin Cash tried to stabilize, but it was short-term, only up to the $364.00 level.
New bearish consolidation pulling the price to $346.59, forming a weekly low there. There is a high chance that we will continue on the bearish side and create a new lower low. Potential lower targets are $344.00 and $340.00 levels. We need a positive consolidation and retracement above the $360.00 level for a bullish option. If we stay there, we can hope for a further rise to the bullish side. Potential higher targets are $364.00 and $368.00 levels.
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