Bitcoin Cash defended the all-important zone of $200 and managed to rise past $220 as well, although it remained to be seen if BCH can hold on to the gains made. Cosmos formed a bullish pattern on the charts and was likely to rise past its level of resistance. Maker also showed a near-term bullish trend that could continue for a few days.
Bitcoin Cash [BCH]
Bitcoin Cash rose past its resistance around the $219-zone on a trading session with above-average volume. This legitimized the price hike and indicated that further gains were likely.
While the Bollinger Bands had been squeezing around the price for a few days, they were expanding, at the time of writing. BCH also moved towards the upper band, indicating that a breakout to the upside was in progress.
BCH can expect to face resistance at $230 and $245 in the coming days.
The whole identity of Bitcoin Cash revolves around using the asset for transactions, like cash. Recently, MicroStrategy CEO Michael Saylor tweeted that the value of Bitcoin did not lie in its ability to “buy a pizza,” stressing that Bitcoin does not need to be a medium of exchange. This view went wholly against the views of Bitcoin Cash proponents.
ATOM formed an ascending triangle pattern on the charts. Generally, this pattern shows a breakout to the upside more often than a breakout to the downside. The Awesome Oscillator showed a momentum shift from bullish to bearish in the last couple of days. This bullish momentum looked set to continue.
If ATOM were to flip its resistance at $4.81 to support, it is likely to test the next level of resistance at the $5.4-level.
In related news, HackAtom India, Cosmos’ “first virtual hackathon for developers in India,” reportedly had more than 700 registrations, already making it one of the biggest crypto-hackathons.
Maker registered lows at $440, before mounting a comeback and flipping resistance at $502 to support. At the time of writing, MKR re-tested the flipped level. It was unlikely to lose $502 in the near-term.
The RSI showed a value of 57, a figure that was still in bullish territory. The most re-test occurred after the RSI was at 69.75, on the threshold of oversold conditions.
The next level of resistance for MKR was at the $566-level, although the $540 zone might offer some resistance as well.
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