“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 there is more red to be seen. Tezos, Litecoin and Bitcoin Cash showed no signs of halting as they nosedived past support levels. A redeeming fact was that Litecoin and Bitcoin Cash noted gains and headed toward resistance before the crash.
Bitcoin Cash [BCH]
Source: BCH/USD on TradingView
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 level 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 when Tim Draper tweeted positively about the coin, after recently purchasing it.
Litecoin [LTC]
Source: LTC/USD on TradingView
Litecoin was rejected at $66 level before 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 level of support at $41 zone. Even when RSI dropped into oversold territory, LTC bounced from $48 to $50, indicative of the fear in the market. RSI was at 31, indicating extreme bearishness.
Tezos [XTZ]
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 can also be expected to act as resistances.
The closest level of support for XTZ is at $2.26, with $3 as resistance above.
Support at $2.26 region should hold firm, for XTZ to reclaim $3 resistance and also move past 50 SMA, before any possible bullish signs can take control.
