13 Aug - Crypto Technical & Market Watch
(By Shivkumar)
1) BTC/USD
BTC has been holding above $ 11,390 for the past two days.The price momentum didnt pick up after breaking $ 11,390 which is a caution to watch.If the BTC/USD pair rises above $12,304.37, it can move up to $13,156.96 and above it to $13,973.50. Hence, traders can continue to hold the long position with stops at the breakeven. However, if the price falls below it is likely to attract further selling and a drop to $9,080 is probable.
2) ETH/USD
ETH the bears could not break below the psychological support of $200. The bulls are now attempting for uptrend.If successful, the digital currency will again try to break out of $235.70. We might suggest a long position above $235.70.If the price fails , bears will again attempt to break below the next support of $192.945. If this level breaks down, the ETH/USD pair will turn negative and can plunge to $164 and below it to $150.
3) XRP/USD
The bulls defended the critical support of $0.27795.If XRP again corrects to $0.27795, the probability of a breakdown increases.The XRP/USD pair will become very negative if it breaks down of $0.27795,the next target to watch on the downside is $0.19.if the price holds $0.27795 it might consolidate between $0.27795 and $0.34229 for a few days.On a breakout of this range, we anticipate a move to $0.45. We suggest traders wait for the price to sustain,it is best to remain on the sidelines.
4) BCH/USD
BCH bounced from $300.11 on Aug. 10, hence our recommended stop loss of $300 on the long position did not trigger.The bounce from $300.11 is stiff resistance at at $345.80.If the BCH/USD pair turns down from the current levels and slides below $300, it can correct to the support line $ 329.Below this support, we expect bears to attempt a breakdown,if successful, the pair can fall to $166.98.If bulls break out of $357.36, which is the intraday high of Aug. 5, a rally to $428.54 and above it to $500 is probable.
Disclosure:Â The author holds no cryptocurrency at the time of writing.
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