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The bulls had a lot of work to do to sustainably reclaim their lost support levels over the past week. They needed to infuse funds on increased volumes to stall the swift downturn. While changing the perception seemed like a mammoth task, Bitcoin Cash and Filecoin saw new lows on 24 January. MANA bears, on the contrary, attempted to defend the 78.6% level.
On its 4-hour chart, after testing the Point of Control (red), MANA saw a down-channel (yellow). It transposed into an ascending triangle while bulls tested the $3.02-level. But, as the bearish vigor prevailed, they invalidated the bullish pattern saw a reversal.
The 21 January sell-off fueled MANA’s bearish drift. Meanwhile, MANA lost its long term 61.8% Fibonacci support. After a nearly 40% loss, it pulled back until its 11-week low on 22 January. Now, the immediate testing grounds for the bears stood at the 78.6% level.
At press time, MANA was trading at $1.8519. The RSI moved along a down-channel. If it continues to fall, it might test the 20-mark. Also, the AO plunged toward its seven-week low on 23 January and skewed in favor of the sellers.
Bitcoin Cash (BCH)
The bulls failed to uphold the crucial $419-support while bears retested it multiple times. The price action saw a sustained dip below this level for the first time in over a year on 5 January.
The altcoin saw over 34.3% losses in the last six days while the bulls even failed to hold the $283-mark. The immediate testing grounds for the bears stood at the $260-level.
At press time, BCH was trading at $265.5. The RSI was southbound and deep into the oversold region. Any further retracement would see support at the 21-mark. Further, with the Volume Oscillator surging during the recent gains, the bears made their position quite evident.
While the bulls tested the $30.6-mark multiple times, the bears did not step aside from countering pressure. They initiated a staggering 46.59% downturn over the past week and ensured a sustained breakdown below the up-channel (white).
Meanwhile, the Supertrend continued to flash a sell signal. The immediate testing resistance now stood at the $18.38-level.
At press time, FIL traded at $17.37. After dropping from the midline, the RSI plunged within a down-channel. It remained in the oversold region for the past three days. Interestingly, the Squeeze Momentum Indicator flashed grey dots. This reading entailed a high volatility phase.
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