12th May - Crypto Price Analysis
(By Shivkumar)
1) BTC/USD
BTC the $10,000 level proved to be a tough challenge to cross and fell to $8,130.58. The strong bounce back from these level is a positive sign.
The price recovered sharply from $8,130.58 and since then has been trading above the $8,500 levels.
If the pair bounces off $8,500, it could be a good buy entry point for the traders with a stop-loss placed just below $ 8500 with objective on $9,600 and then $10,000.
If the BTC breaks below $8,500, traders can wait for the price to bounce off the support which can offer another buying opportunity with stops placed just below $ 8500.
Bearish below $ 8500 and will be negative, which will be possible change in trend and bottom buying should be avoided.
2) ETH/USD
The bulls failed to sustain the higher levels and resulted in correction at $ 204.
Buyer have been buying the dips of $ 204 and the pair bounced back from the support line which is a positive sign.
Bearish below $181.40 and fall to $167 and below it to $150.
Traders can initiate short positions below $181 with stops just above $194.
Bulls can be seen buying at $ 181, push the price above $197.821-$201.696 and which could rally above $ 208.
Markets are volatile, traders are advised to keep their stop loss trailing with small lots of trade.
3) XRP/USD
Ripple was at the forefront of the selloff which took the price to$0.1750.
Bulls have in the last 48 hours have pulled the price and capped $0.20.
We need to wait for current session and the European session.
If it breaks $ .20 then it might push to $0.21.
Current trend shows consolidation and trades should be avoided.
Disclosure: The author holds no cryptocurrency at the time of writing.Register for Technical news and market update shiv@shivfxcrypto.com || Facebook :- www.facebook.com/shivfxcrypto ||Instagram :- www.instagram.com/shivfxcrypto1 ||Twitter :-www.twitter.com/shivfxcrypto|| Whats App :- +91-70439-12326
