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Thursday, November 26, 2020

Bitcoin Cash, Litecoin, Tezos Price Analysis: 6 September

“The time to buy is when there’s blood on the streets”, said Baron Rothschild. It could be difficult to discern whether the bloodshed has halted, or if you have more red to be viewed. Tezos, Litecoin and Bitcoin Cash showed no signs of halting because they nosedived past support levels. A redeeming fact was that Litecoin and Bitcoin Cash noted gains and headed toward resistance before the crash.

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Bitcoin Cash [BCH]

Bitcoin Cash, Litecoin, Tezos Price Analysis: 6 September

Source: BCH/USD on TradingView

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Bitcoin Cash found support at the $219 zone, only to bounce twice off that support in the past couple days. BCH could be set to lose this degree of support as well. Stochastic RSI indicated overbought conditions and could indicate that sell pressure was still strong.

Next level of support for BCH was at $203 zone.

Bitcoin Cash was recently in the news headlines when Tim Draper tweeted absolutely about the coin, after recently purchasing it.

Litecoin [LTC]

Bitcoin Cash, Litecoin, Tezos Price Analysis: 6 September

Source: LTC/USD on TradingView

Litecoin was rejected at $66 level prior to the market-wide drop. Litecoin found some support at $58 and looked to be recovering, but Bitcoin and major alts saw huge sell pressure.

At presstime, LTC was trading $46.7, with the next degree of support at $41 zone. Even when RSI dropped into oversold territory, LTC bounced from $48 to $50, indicative of worries in the market. RSI was at 31, indicating extreme bearishness.

Tezos [XTZ]

Bitcoin Cash, Litecoin, Tezos Price Analysis: 6 September

Source: XTZ/USD on TradingView

Tezos shifted from short-term bearishness it exhibited two weeks ago, to showing long-term bearishness. 50 SMA (yellow) was beneath 100 SMA (pink) which in turn was beneath 200 SMA (purple). These moving averages may also be expected to become resistances.

The closest degree of support for XTZ reaches $2.26, with $3 as resistance above.

Support at $2.26 region should hold firm, for XTZ to reclaim $3 resistance and in addition move past 50 SMA, before any possible bullish signs can take get a grip on.

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