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]
Source: BCH/USD on TradingView
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.
NEM [XEM]
Source: XEM/USD on TradingView
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 XEM’s 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 below $0.108, it would be an indication of likely lower lows in the coming days, with the next level of support at the $0.095 level.
VeChain [VET]
Source: VET/USD on TradingView
VeChain was making bullish strides towards its resistance at $0.0158, but was rejected at the level. The price action since has seen some indecision, with buyers trying to drive the price upwards, but being met by strong bearish sentiment. The OBV and the price both dived lower, at press time.
The Awesome Oscillator, having navigated upward over the past few days, lost its impetus and could cross over into bearish territory.
It is possible that VET will stop its plummet in the $0.0125-$0.013 region. A drop beneath that zone would likely take the price to the support at $0.011.
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