- Tezos is bearish in the long-term outlook
- Bitcoin Cash found major support near $219
- Litecoin faced rejection at $66 before the current bear market
Tezos News Today – the entire digital asset market is currently bleeding. From Bitcoin to Ethereum and Tezos to mention a few, this has been a bloody day for the market. However, the digital asset expert, Baron Rothschild believes that this is the best time to buy cryptocurrency. It could be difficult to determine whether the bloodshed has stopped, or if there are more bearish signals.
Tezos, Bitcoin Cash, and Litecoin haven’t shown any signs of halting at press time after nosediving past their key support areas. One redeeming factor was that both Litecoin and Bitcoin Cash posted gains and moved towards their resistances before the current crash.
Tezos is Now Bearish in the Long-Term Outlook
The price of Tezos went from bad to worse when it shifted from short-term bearishness (its outlook from two weeks ago) to long-term bearishness. The 50-day SMA was reportedly beneath the 100-day SMA which in turn was sitting beneath the 200-day SMA. The above-mentioned moving averages can be expected to function as key resistance areas.
The closest area of support for the XTZ/USD pair is at the $2.26 area, with the $3 mark another key resistance. Support at the $2.26 position should hold firm if the XTZ/USD pair must reclaim the $3 resistance and move past the 50-day SMA. The above-mentioned position must play out before we can see any possible bullish signals for the coin.
Bitcoin Cash Found Support Near $219
Bitcoin Cash had support at $219 before bouncing off that support twice in the recent days. Bitcoin Cash could lose this support level. The Stochastic RSI showed overbought conditions. It could be an indication of strong selling pressure. The next support level for the BCH/USD pair was $203. Bitcoin Cash made the news recently when Tim Draper posted a positive tweet about the coin after he purchased it recently.
Litecoin Faced Rejection at $66 Before the Current Bear Market
The price of Litecoin faced rejection at the $66 level before the current bear market. Litecoin also found support at the $58 mark and began to recover, but Bitcoin and the other major altcoins saw huge selling pressure. As of when this content was published, LTC was reportedly trading at $46.7. The coin’s next support level stood at $41. Even when the RSI for LTC/USD dropped into the oversold area, LTC rebounded from $48 to $50. This indicates the level of fear in the market. RSI is at level 31, which indicates strong bearish pressure.