Bitcoin Cash registered significant losses as Bitcoin and most of the market faced another wave of selling pressure. NEM, while it noted a recent surge, was rejected at a level of resistance and showed some bearishness on the charts in the near-term. VeChain had been making moderate gains over the past couple of days but was stopped in its tracks by stiff resistance and a subsequent wave of market-wide selling pressure could depress prices further.
Bitcoin Cash [BCH]
Bitcoin Cash dropped beneath its support level at $218 as BTC dived from $10,950 to $10,650. BCH looked likely to continue posting losses since the strong zone around $220 was lost as support. Hence, it is likely that BCH would test $200 in the next few days.
The Aroon Indicator has been showing mixed signals over the past few weeks, highlighting the lack of a definite trend. However, at the time of writing, the Aroon Down (blue) had crossed above the Aroon Up (orange) to indicate that a bearish move was imminent.
The 20 SMA (white) had crossed beneath the 50 SMA (yellow) last week, highlighting the onset of bearish pressure. The 50 SMA acted as resistance against XEMs recent surge, but the resistance from both the moving averages and the zone at $0.116 held strong.
The Parabolic SAR also gave a sell signal. If XEM were to close a trading session be ...
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