BCash reclaimed an important region of demand following its drop to $400 and was on its way to recovery toward $600. EOS formed a bullish pattern, a breakout from which it would target the $3 level of resistance. Algorand indicated neutral short-term momentum and only a climb above $0.45 would point toward the likelihood of testing $0.5 for ALGO.
BCash, closely correlated to Bitcoin, was forced to retrace some of its recent gains following the Bitcoin correction a few days ago. This move down in no way indicated a trend reversal, rather only the short-term momentum shifted to the bearish side.
That too, took a turn a few hours ago as BCH found support at the 38.2% retracement level. The MACD climbed back above the zero line and formed a bullish crossover, and the price rose past the psychological $500 level as well.
A retest of the $500 region as support is possible over the next few hours, but the bulls reclaiming the $450-$460 region over the past couple of days is a significant bullish development. Imminent levels of resistance for BCH lie at $550 and $630. Read More