Stellar and Bitcoin Cash: Stellar bounced back to EMA 200
- The price of Stellar retreated to 0.089263 levels during the week, a new four-week low
- Last week’s low price of Bitcoin Cash was formed on Sunday at the $310.60 level
Stellar chart analysis
The price of Stellar retreated to 0.089263 levels during the week, a new four-week low. Soon after, the price started a bullish consolidation and climbed above the EMA 50 moving average and the 0.091500 level. With the new support, we continued on the bullish side until this morning at 0.093600. There, we met the EMA 200 moving average, which at that moment did not allow us to continue above.
This has caused Stellar to pull back slightly to 0.093000, where it is gaining new support. Now, we will again try to move above the EMA 200 and strengthen the bullish momentum. Potential higher targets are 0.094000 and 0.094500 levels. We need a negative consolidation down to the 0.092500 level for a bearish option. In this zone, we will test the daily open price and EMA 50. The inability to hold above will create an impulse to a new daily low. Potential lower targets are 0.092000 and 0.091500 levels.
Bitcoin Cash chart analysis
Last week’s low price of Bitcoin Cash was formed on Sunday at the $310.60 level. After its formation, a bullish consolidation was initiated above $320.00 and the EMA 50 moving average. We didn’t stop there, but we continued up to $326.25. Bitcoin Cash stopped at that level and started a pullback to the $318.50 level. Now, we are trying to hold on here and stop further retreat.
Potential lower targets are the $318.00 and $316.00 levels. For a bullish option, we need a return above the $324.00 daily open price. This moves us back to the positive side, and we expect to see a continuation to the bullish side. Potential higher targets are the $326.00 and $328.00 levels. Additional significant resistance will be found in the EMA 200 moving average around $327.00.
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