Stellar and Bitcoin Cash: Stellar retreated below 0.106000
The price of Stellar continues its strong bearish consolidation for the second week in a row.
In the previous two days, the price of Bitcoin Cash was moving in the $460.00-$475.00 range.
Stellar chart analysis
The price of Stellar continues its strong bearish consolidation for the second week in a row. Yesterday, we attempted to get back above the EMA200 but failed; a new pullback was initiated from the 0.109250 level. We soon dropped below the weekly open price at the 0.108573 level. This morning, the decline continued, and in the previous hour, we went down to a new weekly low at the 0.104632 level.
Potential lower targets are 0.104000 and 0.103000 levels. We need a positive consolidation and a return up to the 0.107000 level for a bullish option. With that step, we would move away from the previous low and skip the daily open price. After that we can expect a further continuation to the bullish side. Potential higher targets are 0.108000 and 0.109000 levels.
Bitcoin Cash chart analysis
In the previous two days, the price of Bitcoin Cash was moving in the $460.00-$475.00 range. This morning, we briefly bounced down to a new weekly low of $459.25. After which, we quickly returned to the previous range of movement. Now, Bitcoin Cash is at $467.00 and on its way to the upper resistance line. By moving above $470.00, we get support from the EMA50 moving average, and it will be easier for us to continue the recovery.
Potential higher targets are $475.00 and $480.00 levels. In the $480.00 zone, we encounter the EMA200 moving average, which could be a greater resistance to further recovery. We need a negative consolidation and a new decline below the $460.00 level for a bearish option. After that, Bitcoin Cash will be able to form a new weekly low. Potential lower targets are $455.00 and $450.00 levels.
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