Analysis of Bitcoin Cash ABC, Litecoin, EOS and Stellar Lumen on 04/09/2020
Today it is possible to update the April maximum. Yesterday, in the Bitcoin Cash ABC network, blocking occurred on block 630000. The BCH / USD pair this day set a maximum at around 280.47 USD, after which it rolled back to the support of 260.00 USD. The upper border of the blue corridor kept the price from a deeper pullback and buyers were able to restore the pair to the area of 266.00 USD.
Until this morning, the price settled in this area in flat. We believe that during the day, buyers will be able to continue to grow and test the 38.2% Fibo level (289.52 USD). A new April maximum is possible in the region of the psychological mark of 300.00 USD.
Yesterday, the 50% Fibo level (45.83 USD) kept the pair in consolidation. The price has significantly narrowed the amplitude of fluctuations and now a new bullish momentum is possible.
We believe that updating the April maximum is possible to the level of 61.8% Fibonacci (51.39 USD). Whether the pair will turn into a deep pullback after this is still an open question. We understand that overbought markets have long foreshadowed a significant reduction in prices, but how long market makers intend to keep the price in the maximum zone is not yet clear. Yesterday, the EOS price was not able to continue to grow and settled in a tapering consolidation around 2.70 USD.
Today, growth to the psychological level of three dollars per coin is possible. In this area, a high probability of a reversal. If, as a result of the rollback, the pair falls below the average price level, then the chances of continuing the bull run will be significantly reduced. Yesterday, the Stellar price was held in an upward channel, showing rising lows. However, at the end of the day, the price was not able to update the April low, which is now at the level of 0.0517 USD.
There is support around the 0.050 USD mark, which may allow buyers to test the 0.0550 USD area today, after which the pair will return to the level of average prices.