With Bitcoin’s 4-hour 20 EMA jumping above its 50 EMA, Avalanche, Bitcoin Cash and FLOW were expecting bullish technical data in the near term. The last two of these cryptos saw a pattern breakout as the bulls countered the selling pressure.
Avalanche (AVAX)
Source: TradingView, AVAX/USDT
When the bulls finally stopped selling in January, AVAX saw an astonishing ROI of 85.2% through February 17th. Since then, it has found an oscillation range between $96-$66.
The most recent bearish phase marked a down channel (yellow) that AVAX is below its . brought Checkpoint (red, POC) and the trendline support (white, dashed). But in light of the increasing bullish strength of the past two days, the alt has seen a jump of more than 15% on its charts. Consequently, AVAX has regained its POC while testing the $77 mark.
At the time of writing, AVAX was trading at $75.84 after a 24-hour gain of 9.62%. the bullish RSI saw an increase of 26 points in two days. Any short-term pullback from here could find test support near the lower trendline of its rising wedge. Also with the gap between the DMI lines overloaded, the bulls had a short-term lead before a possible relapse.
Bitcoin Cash (BCH)
Source: TradingView, BCH/USDT
As the bearish phase moved on, BCH fell sharply and lost its year-long support (now resistance) at $356. After retracing more than 28% (as of Feb. 10), the alt equalized its lows in January.
The latest retracement saw a falling wedge (white) retesting its trendline support (yellow, dashed). Also, BCH spotted a morning star candlestick pattern that propelled a pattern breakout towards the $302 mark.
At the time of writing, BCH was trading at $296. The RSI grew between an upward channel and found a closure above the centerline. Over the past few hours, the pattern broke as the bears tried to counteract purchasing power. Also the CMF confirmed the bullish edge as it swung sideways above the zero line. This reading brought with it the increased cash flows to BCH over the past two days.
FLOW
Source: TradingView, FLOW/USDT
FLOW has been declining steadily since August last year. The bulls were in constant pursuit until the alt hit its lows in January.
After losing the crucial $8.2 on January 6, FLOW lost more than half its value and hit its low on January 24. Since then, it has gradually recovered as it regains the $5.2 base. The recent bullish phase pushed the alt above its 20/50 EMA as he breaks out of his down-channel (yellow). Now the Checkpoint (red) immediately continued to resist the alt.
At the time of writing, FLOW was trading at USD 5.61. The RSI saw exponential growth from the oversold region. Now, a sustained close above 60 could open gates for a retest of overbought territory.