At a time when Bitcoin hit the $ 47,000 mark due to a sell-off in the market, Bitcoin Cash and Cosmos plunged below their long-term supports to hit their multi-month lows.
Additionally, SAND recorded more than 20% losses but maintained its long term uptrend.
Bitcoin Cash (BCH)
BCH had an impressive run from September 30th until altcoin hit its nine week high on November 10th. Since then he has started scoring lows in a descending channel. After a breakout of the descending channel on November 22, BCH continuously fell and formed a descending triangle (yellow) in its 4 hour chart.
After retesting the $ 544 support for almost two months, the bears were able to invalidate the long-term uptrend and turn the tide in their favor. They managed to sting the BCH 11 months low December 3. As a result, BCH at $ 448.9 after noting a 20.9% 24-hour loss.
The RSI experienced a sharp drop from the equilibrium level towards the 15 mark. Bulls may seize the possibility of a short term surge due to the oversold situation in the market. In addition, the MACD and AO has lingered consistently below the half line over the past eight days and has asserted bearish strength.
After hitting its ATH on September 20, ATOM has performed quite poorly, steadily scoring lower lows since then. Additionally, the bulls attempted a rally after a breakout of the descending channel, but bears have historically shown resistance at $ 43.
As a result, the price fell and eventually formed a descending triangle (yellow). The bulls failed to maintain the nine week resistance at the $ 30.5 mark after a descending triangle breakdown.
In the past two weeks, ATOM has retested 12-week support at $ 25.36 three times. Finally, after a massive sell off, the bears invalidated the double bottom (white) and fueled the downtrend.
At time of printing, ATOM was trading at $ 25.54 after posting a 16.8% 24-hour loss. The RSI Undoubtedly in favor of the sellers, but the bulls held the 37.6 short term RSI support. Also DMI displayed signs of sagging for the bulls. Now ATOM would most likely consolidate between $ 30.5 and $ 25.3 for a while.
The sandbox (SAND)
SAND rallied in an ascending channel after a symmetrical triangle breakout. Then the alt recorded a return on investment of 315% from November 11 to 25. As a result, price action hit its ATH on November 25.
However, since then the bears have retested the $ 6.03 mark twice before falling significantly. This drop resulted in a rupture of the upstream channel for the first time in 19 days. At time of printing, the alt was trading at $ 5.193 after noticing a 20.1% 24-hour loss.
This decline is ultimately correlated with the market trend, unlike its previous rallies. The RSI dipped into the oversold zone while showing signs of a recovery. In addition, the DMI and AO displayed a bearish bias. But the ADX portrays a weak directional tendency.