Filecoin is trading below the 200 SMA and the bulls face an uphill task to break the resistance at $165. Bitcoin Cash is projecting a pullback at several support levels before the next leg up. Finally, Theta broke above the $12 mark and volume should be watched for sharper gains in the upcoming sessions.
Filecoin, Bitcoin Cash, Theta Price Analysis | 08 May 2022
While Filecoin is in recovery mode, the $165.3 resistance has limited gains in the market. A look at the volume shows that trading activity since late April is quite far from the levels seen in March and early April. Even the OBV has not fully recovered even though it has trended slightly over the last few sessions. On the 4-hour timeframe, the candle is below its long-term moving average after the 20 SMA (blue) dipped below the 200 SMA (green).
To accelerate the return of the FIL, the bulls must first reverse the $165 resistance. The next few targets are at $180 and $194. Meanwhile, CMF is moving above the midline as capital inflows exceed outflows. However, stronger signals are needed to bring down the resistance level mentioned above.
Bitcoin Cash (BCH)
Bitcoin Cash experienced an increase in buying activity after the price rose above $1,200. This led to more recent local tops and one candlestick even rising as high as $1,600. At the time of writing, trading volumes are on the decline and suggest that the uptrend in BCH may be cooling before the next advance. A bearish divergence is seen at the RSI as the price fell towards the support at $1,353. This support can also be a focus going forward.
The Fibonacci Tools also highlight some additional support levels. The 50% level is around $1,274, while the 61.8% is at $1,200. Meanwhile, the Awesome Oscillator is registering some selling pressure in the market after registering a series of red bars.
As of writing, Theta is rising above the $12 resistance on relatively higher volume and this could spur some additional buying. The Supertrend indicator shows a buy signal with a stop loss placed around $10.6. On the downside, volatility does not yet exist to support price spikes.
The dark blue dot of the Squeeze Momentum Indicator (SMI) indicates that the market is under pressure and although the momentum is on the buy side, gains can be limited in the market. The 24-hour trading volume should be monitored during the upcoming sessions for sharper price swings. If volume increases, the next targets for the bulls are $13 and $14.