Crypto market started a recovery movement after the fall of Bitcoin over the weekend
With the global cryptocurrency market seeing a kind of recovery in the past 24 hours, some altcoins have yet to resume key areas to accelerate their growth. Likewise, Bitcoin Cash, Ethereum Classic and Neo were aiming for a rise above certain resistance levels in order to extend their own gains on the charts.
Bitcoin Cash [BCH]
Source: BCH / USD, TradingView
Market bulls came to the rescue at the $ 500 support level, with Bitcoin Cash seeing a move north on its 4-hour chart. The SMA-20 (red) formed some resistance around $ 630, but a breakout could allow BCH to see gains beyond the 23.6% Fibonacci level ($ 771.4). An extremely optimistic result could have led him to jump up to the 50% Fibonacci level ($ 1,075), but broader market clues were needed for such a massive move.
If a breach above $ 771.4 is denied, expect some rangebound movement.
A twin bullish spike at Awesome Oscillator highlighted the potential momentum shift for buyers and a move above the midline would allow for a break. Even if the RSI has recovered from oversold conditions, it needs to move north of the 50’s to highlight a bull market.
Ethereum Classic [ETC]
Source: ETC / USD, TradingView
A descending triangle break saw a single candle fall to support $ 39.4, but buyers were quick to respond in the Ethereum Classic market. However, a key area control point was at $ 55-54 – a region that coincided with the SMA-50 (yellow) on the hourly chart. A rise above this critical area could result in another 15% jump to $ 65 resistance.
Even though the overbought nature of the RSI suggested a retraction, stability can be found at the $ 55-54 support. The Squeeze Momentum Indicator showed bullish momentum, but the black dots meant low volatility and limited gains. Sharper gains would be expected if the points changed to white.
Source: NEO / USD, TradingView
Neo saved $ 37.9 from a collapse and attempted a return above the $ 50.86 resistance on his 4-hour chart. NEO was expecting a 35% increase in prices in the event of a breach of the aforementioned ceiling and volumes should be observed in the coming hours. If a breakout is rejected by sellers, expect NEO to move the range above $ 37.9. On the other hand, another drop can be countered in the support of $ 31.6.
As expected, the Supertrend indicator issued a sell signal, but put a stop loss at $ 54.5 and slightly above the 20-SMA (red). The RSI needed to rise above the $ 48-49 resistance to bring bear market conditions down.