Stellar forms this week’s low, BTC Cash at $266.00 Now
Stellar price retreated to 0.11089420 on Wednesday, forming this week’s low. Bitcoin Cash’s new weekly low was formed on Wednesday at $255.20.Stellar chart analysis
Stellar price retreated to 0.11089420 on Wednesday, forming this week’s low. From there, we started with a new positive consolidation and resistance to the 0.11500000 level. We encountered the EMA200 in that zone, slowing the progress to the bullish side. This morning, we saw consolidation below that resistance zone, but the price generated a bullish impulse and moved above. In this way, we formed a daily high at the 0.11800000 level.
We need to hold above the EMA200 and get its support to continue the bullish trend. Potential higher targets are 0.11900000 and 0.12000000 levels. We need a pullback below the EMA200 and the 0.11500000 levels for a bearish option. This would mean that the price is under new pressure to continue falling to lower levels. Potential lower targets are 0.11400000 and 0.11300000 levels.
Bitcoin Cash chart analysis
Bitcoin Cash’s new weekly low was formed on Wednesday at $255.20. After consolidation in that zone, the price receives support and starts a recovery to the $266.00 level. Here, it meets the EMA200, where we stop the growth and pull back to the $263.00 level. We need a stronger bullish impulse that would move the price above and give it room for manipulation above the EMA200.
If we manage to hold above that zone after that, the price could start a bullish consolidation and climb to higher levels. Potential higher targets are $268.00 and $270.00 levels. The bearish option requires a pullback below the $260.00 support level. A drop below forms a new daily low and confirms bearish primacy. Potential lower targets are $258.00 and $256.00 levels.
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