Market Structure Of BCH, Uniswap And Link!

BITCOIN CASH ANALYSIS: JULY, 2021

Market Structure:

Bitcoin Cash is a permissionless, open-source network. It enables one to connect with others in a decentralized way. Here’s the market structure of BCH.

BCH is trading at $504.69. The series of lower-highs and lower-lows clearly indicates the presence of a bearish trend. This trend has prevailed since the May crash on the daily time frame.

However, a break above $545 can reverse the trend of the coin, being the previous lower-high structure point in the overall trend. If it continues to stay below that level, further weakness can be seen in its market.

The coin faced resistance from its previous day high as shown by the green line on the fifteen minutes charts. The candle’s high manipulated the previous day high to trap the liquidity and gave a huge downward move.

Currently, it is currently consolidating at a minor structure point from where the coin can give a move on either side. The probability is in favor of a short-term fall.

BCH market structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating short-term weakness for the coin. The RSI has been making a rising wedge on the hourly time frame. It is currently positioned at 53.19 and has the potential to breach its support in the short-term.

The MACD has given a fresh cross below the signal line, confirming the short-term bearish bias of the coin. The market structure of BCH is indicating short-term weakness.

BCH market structure
Source: tradingview

Conclusion:

On the breakout and close above $518.01, $542.32 and $581.45 are the targets on the upside. A close above the mentioned level is important.

On the breakdown and close below $501, $489.23 and $472.80 are the targets on the downside.

The market structure of BCH skews the probability in favor of a breakdown of the support.

UNISWAP ANALYSIS: JULY, 2021

Market Structure:

Uniswap is a fully decentralized protocol for automated liquidity provision on the Ethereum blockchain. Here’s the market structure of Uniswap.

Uniswap is trading at $18.66. The long-term trend of the coin remains bearish due to the series of lower-lows and lower-highs on the daily chart. However, on the hourly time frame, the coin has been making a higher-high and a higher-low for ten days, indicating short-term bullishness.

The daily trend will only change if the coin breaks and closes above the level of $23.41. Till then, weakness will prevail and make a new lower-low.

Coming to the current scenario, the coin trapped liquidity above previous day high followed by a long bearish candle. This is also a classic example of institutional participation and manipulation.

Uniswap market structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating short-term price indecision as the RSI hovers near the neutral region. The hourly RSI has been consolidating between a tight range. It currently stands at 50.57.

The MACD has recently crossed below the signal line, confirming the institutional manipulation in its market.

Uniswap RSI MACD
Source: tradingview

Conclusion:

On the breakout and close above $19.42, $19.95 and $21.02 are the targets on the upside. These targets can only be witnessed if the momentum on the hourly time frame continues.

On the breakdown and close below $18.06, $17.70 and $17.24 can be witnessed in the short-term.

Market Structure:

Chainlink is an open-source technology that is collectively developed by a number of developers, researchers and other users. Here’s the market structure of Chainlink.

Chainlink is trading at $19.19. The long-term trend of the coin remains bearish due to the lower-highs and lower-lows formed on the daily chart. However, the short-term trend of the coin has become bullish owing to its 48.78% rally in a week.

The coin has shown excellent momentum, breaking all minor supply zones with amazing volumes coming in from the lower levels.

Currently, the outlook remains range bound for Chainlink. The coin is consolidating between a narrow range, resistance being the previous day high and support being the demand zone.

Institutional participation is required by the coin to show an impulsive move and break its bearish trend. Else, it will go on to make new lows provided that the overall sentiment of the market remains negative.

Chainlink market structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating indecision in the coin’s market. The RSI is moving flat along the neutral region confirming the range bound nature of Chainlink. It stands at 49.77 with no clear direction.

The MACD is below the signal line giving a negative bias to the range bound movement of the coin.

Chainlink RSI MACD
Source: tradingview

Conclusion:

On the breakdown and close below $18.91, $18.57 and $17.68 are the targets on the downside. Good selling volumes must flow so as to achieve these targets.

On the breakout and close above $19.79, $20.55 and $21.26 are the targets on the upside.

Till then, a consolidation will prevail.