12th Oct - Technical Analysis & Market Watch
(By Shivkumar)
1) BTC/USD
If the BTC/USD pair re-enters the descending flag, it will be a negative sign. A drop below the $7,702.87–$7,337.78 support zone will start a downtrend. Aggressive traders can continue to hold long positions with stops at $7,700.If the pair rebounds off $8,100 or $7,770, the bulls will again try to push the price above $ 8582.
2) ETH/USD
Ether has turned down from just below $200. A break below the $163.755-$151.829 support zone will be a huge negative as the next strong support is way lower at$122.The bulls will try to propel it above $200 once again. If successful, a rally to $235.70 is possible. For now, aggressive traders can keep the stops on the long position at $160.
3) XRP/USD
XRP is facing resistance at $0.29227.The next level to watch on the upside is $0.34229. Traders can continue to hold the long positions with the stop loss at $0.215. If the bears sink the XRP/USD pair below $ 0.26, it can drop to the critical support of $0.22.
4) BCH/USD
The price has again dipped back into the $236.07-$203.36 range. A break below $203.36 will resume the downtrend and the next target is $166.98.If the bulls defend the support at $203.36, the BCH/USD pair might consolidate for a few more days. The first sign of a recovery will be if the bulls can push the price above $241.85.We wait and watch for few days before suggesting any trade. Our previous analysis trade suggestions remains cancelled.
Disclosure: The author holds no cryptocurrency at the time of writing.
Register for Technical news and market update shivfxcrypto@gmail.com
