top of page
  • Writer's pictureShivkumar

10th Aug - Crypto Technical & Market Watch

(By Shivkumar)


BTC has has failed to pick up momentum. This shows hesitation among traders close to $12,000. If the price fails to break out of $12,304.37 and resume its up-move, bears will try to sink it back.If the BTC/USD pair breaks down, it can correct to $9,727.55 once again. Therefore, we suggest traders raise the stop loss on the long position to breakeven. A breakout of $12,304.37 can propel the price to $13,973.50, with minor resistance at $13,156.96.Bulls still hold the advantage and we are not proposing to book partial profits at current levels.

Crypto Technical & Market Watch
10th Aug - Crypto Technical & Market Watch


The next support on the downside is at $192.945. If this fails to hold, the ETH/USD pair might fall to $164 and below it to $150. If the support at $192.945 holds, the pair might remain range-bound for a few days. It will gain strength on a breakout above $235.70.Our buy recommendation given in an earlier analysis stands cancelled.


XRP has broken down of the immediate support at $0.30. Therefore, we have withdrawn the buy recommendation given in an earlier analysis. The cryptocurrency can now drop to the critical support of $0.27795. If the rebound off $0.27795 is weak,the XRP/USD pair will start a new downtrend below $0.27795 that can drag it to $0.19.We expect range-bound trading for a few days.


Bitcoin Cash can now drop $ 313,the traders can keep the stop loss on the long position at $300.The breakdown quickly reverses and proves to be a bear trap, and we are not recommending to close position at current levels. The BCH pair will strength if it reverses from the current level and rises above resistance $ 345. If it falls from the current level than the digital currency will become extremely negative.

Disclosure: The author holds no cryptocurrency at the time of writing.

Register for Technical news and market update

11 views0 comments

Recent Posts

See All
Image by Andrew Neel


bottom of page