10th Sept - Crypto Technicals & Market Watch
Bitcoin again turned down from just below $11,000 on Sept. 6.the positive thing is that bears have not been able to sink the cryptocurrency which suggests balance between buyers and sellers.The target objective on the upside is $15,376.96. However, the BTC/USD pair is likely to face stiff resistance at the yearly high at $13,973.5.If the price falls below the critical support of $9,080, the trend will turn negative and a drop to $7,451.63 is possible.
The upper boundary of the range can either be $203.708 or $235.70 and the lower boundary will be $163.755. We will wait before suggesting any trade.Our view will be invalidated if the ETH/USD pair turns down either from the current level and falls below $163.755.
XRP again held the strong support at $0.24508 on Sept. 6. and is a positive sign.Our view of a trend change will be invalidated if the price turns down from the current level and falls below the $0.24508–$0.225 support zone. We see XRP might be range-bound action for a few days.
A breakout of $ 303 can carry the price to $360, which is likely to act as a stiff resistance.If the BCH/USD pair turns down from this level, it might remain range-bound between $ 302 and $360 for a few days. Therefore, we withdraw the buy recommendation given in the previous analysis. If bulls push the price above $360, we anticipate a move to $515.35.If the pair turns down from current levels and falls below $ 302 it can drop to $166.98 and below it to $105. We will wait for the price to move above $360 before suggesting a trade in it.
Disclosure: The author holds no cryptocurrency at the time of writing.
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