Cryptocurrencies stopped declining this week, after the crash we noticed final week, which despatched the crypto market crashing decrease, with nearly all cryptos dropping greater than half their worth. Chainlink fell from round $53 to $15, which implies dropping round 70% of the worth.
Sellers pushed under the 50 SMA (yellow) on the weekly chart, as proven above, however the candlestick didn’t shut under it so it didn’t rely as a break. This week the worth bounced off the 50 SMA and consumers pushed it above the 20 weekly SMA (grey), however they couldn’t maintain on to positive factors and the worth has slipped under it as soon as once more. So, LINK/USD is buying and selling between the 50 weekly SMA on the backside and the 20 SMA on the prime.
BCH/USD reversing from the 100 every day SMA as we speak
Trying on the Bitcoin Cash chart, we see that right here it was the 200 SMA (purple) which held as assist, regardless of being pierced. Though, that is the every day chart. BCH/USD bounced off that transferring common however the 100 SMA (inexperienced) on the prime become resistance, rejecting the worth twice and now Bitcoin Money is heading down once more.
The 200 SMA nonetheless holding as assist for Litecoin as we speak
Litecoin additionally fell under the 200 SMA on the every day chart and it really broke under that transferring common, however the reversal got here this week and LTC/USD can be buying and selling between the 100 MA on the prime and the 200 SMA on the backside now as nicely. The bullish momentum this week has been weak in comparison with the tempo of the crash and now the bullish reversal is in query.
Cryptocurrencies appear unsure what route to take now, after the bullish momentum pale. However, I assume that we gained’t see anymore main declines just like the one we noticed final week, since Bitcoin miners in China are transferring overseas and persevering with their operations.