Stellar and Bitcoin Cash: Stellar still in a bearish trend

Stellar chart analysis

A new May low for the price of Stellar was formed yesterday at the 0.100992 level. We attempted to move above the EMA200 on Friday at the 0.109800 level. Strong bearish pressure did not allow us to do that, and the bearish consolidation continued. During the weekend, the price fell below the 0.104700 level. On Monday morning, we hit a new low for May.

After that, there is a consolidation and recovery to the 0.106000 level, where we again encounter bearish pressure. A pullback has been initiated below the 0.103700 level under pressure from the EMA50 moving average. Potential lower targets are 0.102000 and 0.101000 levels. For a bullish option and a return to the positive side, we need to get back above the 0.104730 weekly open price. If we manage to do that, we can hope for a recovery to the bullish side. Potential higher targets are 0.106000 and 0.107000 levels.

Bitcoin Cash chart analysis

The new low price of Bitcoin Cash was yesterday at $421.41 level. Support at that level triggers a bullish consolidation up to the $446.00 level. There, we meet the EMA200 moving average, which stops further progress. After that, we moved in the $440.00-$446.00 range, and then we broke through the lower level and began to pull back below the $430.00 level. Formrian is this morning’s low at the $425.85 level.

We held down briefly, which brought us back above the $434.00 weekly open price. On the upside, pressure is exerted by the EMA50 moving average, directing Bitcoin Cash to the bearish side. Potential lower targets are $430.00 and $428.00 levels. If we hold above the weekly open price and move up to the $438.00 level, we get support from the EMA50 moving average and expect to see further recovery. Potential niche targets are $440.00 and $442.00 levels.

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