14th May - Crypto Technical & Market Watch
1) BTC/USD
This shows that the bulls have continued to buy on every rise without waiting for a dip. While this is a positive sign, the pace of rise is unlikely to sustain for long. Traders can trail the stops on the remaining long positions at $7,100.The next level to watch on the upside is $8,496.53 and above it, the move can extend to $10,000. Therefore, traders can keep trailing the stop loss to protect their paper profits. On the downside, the BTC/USD pair might find support at $6480.54 and below it at the 20-day EMA. This will indicate strength and signal the end of the bear phase.On the other hand, if the bears sink the digital currency back below $5,900, it will dampen sentiment.
2) ETH/USD
Currently, the bulls are again trying to sustain above the $200.The targets on the upside are $225 and above it $256.if the ETH/USD pair picks up momentum, it can surprise to the upside and rally to $300. Our bullish view will be invalidated if the bears sink the pair back into the triangle. For now, the stop loss on the existing long positions can be kept at $160.
3) XRP/USD
If the bulls succeed in pushing the price above $0.33108, it can rally to $0.37835. The digital currency is likely to pick up momentum above this level. We will wait for the price to sustain above $0.33108 before proposing a trade in it.The levels to watch on the upside are $0.45 and above it $0.60, with a minor resistance at $0.5650. Contrary to our expectation, if the XRP/USD pair fails to break out and sustain above $0.33108, it will remain range bound between $0.27795 and $0.33108. The trend will turn negative on a breakdown below $0.27795.
4) BCH/USD
We like the way the bulls held the price above the previous resistance-turned-support of $335.62. The BCH/USD pair can now rally to $424 and above it to $500. Our bullish assumption will be negated if the pair breaks down of the support at $335.62 and re-enters the range.In such a case, the price will remain range bound between $255 and $335.62.
Disclosure: The author holds no cryptocurrency at the time of writing.
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