Bitcoin Cash momentum switches to sellers’ side; LTC, Link follow the trend
With the correction setting in, Bitcoin Cash [BCH] along with other altcoins, has also been rectifying prices. However, this rally in BTC price has managed to pull most alts to the positive side of returns from year-to-date.
Bitcoin Cash [BCH]
As the month of April ended, Bitcoin Cash [BCH] price climbed down on the charts. At press time, the fifth-largest crypto was being traded at $239.63, while its immediate resistance was marked at $277.94 and support at $215.63. The recent drop in the BCH price has caused a re-entry of the bear.
This trend was confirmed by Awesome Oscillator indicator that measured market momentum. According to AO, there was a short term momentum rising visibly faster as the signal was above the zero marks. However, as the signal turned red, a bearish trend had set in the market.
Litecoin managed to recover from the losses and project a 10.79% YTD returns, however, this wasn’t enough for the coin to ward-off the bearish trend developing in the market. According to Parabolic SAR, the coin underwent a bearish crossover two weeks back, as the markers aligned under the candlesticks, indicating a shift in the price movement.
The coin was being traded at $46.15 at press time, with immediate resistance close to $50.89. As the second red candle formed on the LTC chart, the coin has been approaching immediate support at $32.53
ChainLink [Link] might not be a major crypto-asset but at the twelfth position, the coin marked great returns to its investors. According to current data, Link’s YTD returns stood at 94.53%, as it also followed the bearish trend prevalent in the market. With its price hovering at $3.58, a strong resistance was noted at $4.078 and support at $3.19.
The Bollinger Bands had contracted to indicate less volatility in the market, with the moving average slipping under the candlesticks. After a period of great volatility, Link witnessed a period of consolidation before breaking lower.