10th Aug - Crypto Technical & Market Watch
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.
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 Therefore, we have withdrawn the buy recommendation given in an earlier analysis.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.
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