Bitcoin lost about 9% over the past day, and the alt market saw a near-term bullish pattern mercilessly invalidated. Just as the likes of EOS and Bitcoin Cash seemed to overcome their respective resistance zones, the magnified plummet saw them suffering sudden price declines. Curve Finance seemed ready for further drops on the charts.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) has traded in the $270 – $392 range since the first weeks of January. These levels are crucial in lower timeframes as foothold and obstacle, respectively. $276 has served as a support level within the previous two weeks but acted as a resistance market at this publication. That came after the reset broad market crash.
The Awesome Oscillator stood well under the zero line, reflecting the massive bearish motion seen within the past couple of hours, a drop of about 8%. The A/D index also maintains downside biases, showing sellers still in control despite the latest leg-up to $300.
While writing these lines, Bitcoin Cash traded at $271.02, dropping over 9% within the past day.
EOS printed a bearish pennant setup, a chart pattern that indicates more probable declines for the crypto. For now, the token seemed primed for downside actions. That would see EOS hitting the support floor at $1.88. The $2 mark has served as support over the past two weeks. However, that narrative changed as the past couple of hours saw EOS on a decisive fall under the area, and $2 currently acts as resistance.
The hourly chart RSI dipped below 50-neutral. The fall below $2 turned the market structure bearish, and the pessimistic pennant formation indicated more declines in play. Nevertheless, the on-balance volume climbed past last week’s foothold but unclear whether EOS bulls can force recoveries.
Curve Finance (CVX)
According to the charts, Curve Finance has witnessed a compression phase, plus an upward expansion accompanied by continued bleeding to levels below the former support levels. This setup might repeat, pushing CVX towards the $20 level.
The MACD presented a sell sign, though it might print a bullish cross inside the bearish region to depict a slight climb to $23.7 before another decline. The CMD stayed well beneath -0.05 for most of the last ten days, whereas the OBV remained somewhat flat at the same timeframe. The on-balance volume created higher lows within the previous three days.