Bitcoin Cash, BAT, BitTorrent Price Analysis: 07 September
The altcoin industry flashed mixed trading sessions as certain alts rose on their respective charts, while others went south. Among the ones that declined over the last 24 hours, were BAT and BitTorrent. BAT lost 2.9% and fell below its immediate support line of $0.880.
BitTorrent also dipped by 1.8%, and moved near its multi-week low of $0.0040. Bitcoin Cash, on the other hand, gained 3.6% and could attempt to revisit its multi-month high at $793.76.
Bitcoin Cash (BCH)
Bitcoin Cash was trading at $740.02 after an increase of 3.6% over the last 24 hours. Overhead resistance lay at $793.76, which is also a four-month high for the coin. The technical chart, however, pointed towards an upcoming bearish price action for BCH.
Awesome Oscillator flashed red signal bars. MACD’s green bars on the histogram, receded and showed the onset of a red bars. Relative Strength Index dipped and threatened to fall below the half-line in an indication of decreased buying strength.
If BCH fell below its current price level, then it may land upon its nearest support of $722.30. Additional support levels stood at $689.74 and $624.30, which also was BCH’s weekly low price.
BAT declined by 2.9% over the last 24 hours and was valued at $0.885. It recently fell through its support line of $0.880. With a further downtrend, it could touch its three-week low price of $0.734. An additional price floor awaited BAT at $0.662.
The technical outlook for BAR was bearish. Awesome Oscillator flashed red signal bars. BAT’s candlesticks were also seen below the 4-hour 20 SMA which indicated that the momentum belonged with the sellers.
Correspondingly, the Relative Strength Index reflected reduced buying pressure as it stood below the half-line. MACD‘s histogram also showed red bars. On the upside, BAT could reattempt to test its multi-month high at the $0.981 price ceiling.
BitTorrent declined slightly by 1.8% over the last 24 hours and was trading at $0.0045. It had just broken below the support line of $0.0046 and was inching down towards its three week low of $0.0040.
Parameters pointed towards a bearish price movement in the market. Awesome Oscillator registered a sell signal and displayed red signal bars. In accordance with the same, the Relative Strength Index registered a drop in buying pressure as the indicator stood beneath the half-line in a week.
Chaikin Money Flow stood underneath the mid-line as capital inflows decreased. In case BitTorrent witnesses a price reversal, the overhead resistance awaited at $0.0049 and then at its four-month high of $0.0057.
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