15th Aug - Technical & Market Watch
BTC has dipped back below the $ 10,972.This has triggered our recommended stop loss on the long position.With no major support in sight, a drop to the critical support of $9,080 looks likely.The support at $9,080 has held twice earlier, hence, we anticipate bulls to defend it once again.We expect the BTC/USD pair to pick up momentum above $12,000. On the other hand, if the pair breaks down of $9,080, it will become weak and can drop to $7,451.63. Considering the weakness in the short term, we suggest traders wait before buying again.
The bears will now try to sink the ETH/USD pair below the critical support of $192.945. If this support breaks down, the next stop is at $164, but if that support also gives way, the decline can extend to $150.Current trend shows that bears have the upper hand.Our bearish view will be negated if the pair bounces sharply from $192.945 it will increase the probability of a range bound action with resistance at $235.70.We will wait for the price to break out and sustain above $235.70 before recommending a trade in it.
XRP is again correcting toward the critical support of $0.27795.If $0.27795 cracks and the price sustains below it for three days, it will signal the start of a new downtrend. The next support to watch on the downside is $0.19.Our assumption will be invalidated if the XRP/USD pair bounces sharply from $0.27795.A breakout of $0.34229 will increase the probability of a move to $0.45. We wait before any trade suggestion.
Bitcoin Cash broke above the resistance of $345.80,but failed to break $ 349.The next drop towards $300 is likely to break it and challenge.if the BCH/USD pair bounces off current levels and breaks above $ 349 the rally can extend to $500.we suggest traders keep the stop loss on the long position at $300.If its hits the stop loss, than we need to wait for market sentiments to improve. We wait before suggesting any trade.
Disclosure: The author holds no cryptocurrency at the time of writing.
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