As the bears deny any attempt at a bullish recovery, Polkadot fell below its multi-month resistance level and hit its five-month low on December 15. Additionally, Bitcoin Cash formed an inversion pattern as it continued to fall.
The avalanche has shown a strong rally over the past few days, but has also formed a reversal pattern on its 4-hour chart.
DOT witnessed a bearish flag on December 11 and moved between parallel lines in a southerly direction (green). The drop was the third major pullback since its ATH hit, which pushed price below 15-week resistance at $ 26.12.
Now the immediate level for bears to test existed at $ 24.3 ahead of any further trend engagement. Alt aggressively declined after hitting his ATH on November 4. As a result, it climbed on December 15 to its five-month low.
At time of printing, the alt was trading 54.5% below its ATH at $ 25.05. DOWRY RSI dipped below level 40, revealing a powerful bearish influence. In addition, the DMI asserted the previous account by choosing the sellers. However, the ADX showed a weak directional trend for the token.
After invalidating its long-term bullish trendline (since July), AVAX appeared to extend its bearish behavior after forming a bearish flag in early December. The drop pushed the price below $ 87.7 as the price hit its lowest level in five weeks on December 13.
The alt experienced a downstream breakout (white) after surging more than 37.5%, rising from $ 78 on December 14 to $ 110 (two-week high) on December 16. While recent developments on its blockchain have propelled this leap, it has formed a rising corner (reversal pattern) on its 4 hour chart.
At time of printing, AVAX was trading above its 20-50-200 SMA at $ 105.55. the RSI retested the overbought region twice and dived to level 62. Also MACD chose the bulls but hinted at their diminishing power. Given the reversal pattern and momentum indicators, AVAX could experience a setback in the short term.
Bitcoin Cash (BCH)
After an impressive run in October, the alt scored lower lows in a descending channel (yellow). As BCH experienced a 13.7% breakout from the descending channel, it took a further bearish turn and formed a bearish flag on its 4 hour chart. So, with increasing bearish strength, the bulls failed to maintain the 21 week resistance at $ 470.2.
Over the past few days the alt has seen a descending widening bevel (inversion model). It has fallen more than 4.17% in the past 24 hours.
At time of printing, BCH was trading 88.6% below its ATH at $ 432.8. the RSI was showing weak signals and struggling to cross the half line. Also DMI alludes to a slight bearish preference. But the ADX showed a weak directional trend for the coin.