Bitcoin Cash Heading Down for the 200 Daily SMA, Chainlink Heads for the 50 Weekly SMA
Chainlink and BCH heading for the lows, as cryptos turn bearish again
Cryptocurrencies are taking one hit after another, as prominent people are speaking out against Bitcoin in particular. First it was Tesla that dropped Bitcoin payments, then came China’s ban on Bitcoin mining – according to the Chinese government, it wastes too much energy.
Now, Donald Trump is also speaking out against Bitcoin, saying that it is a fraud, as we heard last night. The ex-US president’s comment gave the crypto market another push down, with Bitcoin heading towards $30,000 again, while Bitcoin Cash was sent in the direction of the 200 SMA (purple).
The BCH/USD crashed from $1,640 to $645 during the cryptocurrency crash in late May, but the 200 SMA (purple) held as support, despite being pierced. The price bounced off that moving average, but the 50 daily SMA (yellow) turned into resistance and today Bitcoin Cash is heading for the 200 SMA again, after the bearish reversal following Trump’s comments.
The 20 SMA has turned into resistance for LINK/USD
During the bullish momentum, Chainlink was being supported by the 20 SMA (gray) on the weekly time-frame chart, but that moving average was broken last month, and it turned into resistance after that. The 50 SMA (yellow) turned into support, holding during the decline, and the price seems to be heading down there again now.
So, the uncertainty continues for cryptos, and the comments seem to be all negative for them. But, let’s hope that this downside momentum will end soon, and that they will resume the bullish trend once again.
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