Litecoin (LTC) is on the brink of a sharp drop from $ 173 on its daily charts. The asset has tumbled to $ 154 and needs a bull from that level.
Although this level of support is thought to be a point for recovery, if it does not get the desired response, the decline may continue.
LTC domestic support, which saw $ 173 as the upper level during the day, dropped to $ 154 and stopped a harder decline for the time being. Even though it increased a little to reach the $ 159 band, the downside risk still continues. Techniques, on the other hand, increased the bearish pressure on the LTC.
A number of indicators also increase the risk for LTC, which has been under bearish pressure for a while below the 9-MA and 21-MA moving average data. RSI data was around 40 below the neutral 50 base, and Stochastic RSI data was pushed into the oversold zone. MACD data is also in a bearish trend, neither is it moving towards negative territory.
As such, the downward trend brings the possibility of falling below $ 154. In this case, it could correct for LTC to $ 143.13 in the short term and then to $ 111.04. For now, if it is less likely, it must cross the $ 179 resistance limit to start up. In this case, a higher resistance level will have an opportunity to rise to $ 195.
Chainlink (LINK) has not been recovering since the Bitcoin crisis. The weekly move resulted in a 25% drop and was down to $ 23. A critical process is in progress for the asset traded at $ 23.6, just above the $ 23 support point. It seems that steps that cannot be taken soon will cause the downtrend to speak.
The LINK support level, which suffered severe losses, was pushed towards $ 23.1. In the RSI indicator, the daily chart is at 41 levels and does not support the upward movement. However, the Stochastic RSI is very strong at the oversold point. A LINK value that is below the moving average increases the probability of a fall.
For LINK, the bearish risk can pull the price to the support points. In this case, losing support at $ 23.1 could initially move to the $ 20 LINK sensitivity level in the first stage and then seek support above the $ 19.1 100-day moving average.
For LINK, the reversal of this bearish move will come if it rises to the 0.786 fib retracement. If this level of 31.8 naturalness is reached, we can say the real recovery and uptrend. Among the resistances that it can see until it reaches this level, the 0.618 correction level will need to exceed $ 27.8 and the 0.5 correction level at $ 25 and the 20-MA moving average at $ 29.7.
Bitcoin Cash (BCH)
The sharp decline in altcoins was also very hard for Bitcoin Cash. Last week’s declines reached almost 40% for Bitcoin Cash, and the lack of demand in the market was a major factor in this. BCH has lost $ 3 billion in value due to the decrease in the latest data.
BCH lost its support of $ 462 on its daily move. It also fell below $ 440 during the day and recovered somewhat. The signal that the bearish effect will continue for the asset continues in volumetric data and Chaikin flow data. The asset, which lost a significant volume after the summit, was also supported by the relative strength index falling to the 37 band. The MACD indicator is also moving into negative territory and there is an increase in the depth of the red candles.
The decline continuity will be felt as long as it is below 50-MA of the value. First, this level ($ 514) will have to be passed. In this way, it can attract the investor. If the decline continues, 100-MA at $ 417 will also seek support.