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Stellar rises to weekly high as Bitcoin Cash consolidates

Stellar rises to weekly high as Bitcoin Cash consolidates

  • The price of Stellar quickly released the pressure from the beginning of the week and started a bullish recovery. 
  • Since Tuesday, the price of Bitcoin Cash has been moving sideways in the $310.00-$330.00 range.

Stellar chart analysis

The price of Stellar quickly released the pressure from the beginning of the week and started a bullish recovery. On Tuesday we saw a return above the weekly open price to the positive side. Yesterday we climbed above the EMA 200 and the 0.094000 level. With the new support, the price started a bullish consolidation to a new weekly high at the 0.104540 level. Today’s price movement takes place in the 0.100600-0.103500 range.

If Stellar holds in this zone, it could trigger a continuation to the bullish side. Potential higher targets are 0.106000 and 0.108000 levels. For a bearish option, we need a pullback down to the 0.098000 level. There, we go to a new daily low and thus get confirmation of increasing bearish pressure on the price. After that, we are expected to see a further pullback and a visit to lower levels. Potential lower targets are 0.096000 and 0.094000 levels.

Stellar chart analysis

 

Bitcoin Cash chart analysis

Since Tuesday, the price of Bitcoin Cash has been moving sideways in the $310.00-$330.00 range. This morning, we revisited the support zone, after which we had an impulse up to the $332.00 level. We stopped there, and the price retreated to support at the $325.00 level. Additional price support is the EMA 50 moving average. If we manage to hold above, we can hope for another recovery above the $330.00 level.

Potential higher targets are the $335.00 and $340.0 levels. The 200 EMA is in the $350.00 zone. A bearish option requires Bitcoin Cash to pull back below the 200 EMA and $320.00 level. After that, we expect a visit to the lower level of this rank. If we can’t hold on there, the price will have to look for a new lower support. Potential lower targets are the $305.00 and $300.00 levels.

Bitcoin Cash chart analysis

 

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