15th Oct - Crypto Technical & Market Watch
Bitcoin has been consolidating between $7,700 and $8,770 for the past few days. If the bears sink the BTC/USD pair below the $7,700 to $7,337 support zone, it will be a huge negative. Such a move will delay the recovery and can extend the down move to $5,533.Aggressive traders who hold long positions can retain the stops at $7,700.
The price has been trading just below $185 for the past three days .The bulls will once again attempt to clear the overhead resistance zone of $185 to $196. If successful, a rally to $224 and possibly $235 is possible. If the bulls fail ETH/USD pair to $164. A break below this support can drag the price to $152. Therefore, for now, aggressive traders can retain the stops on their long position at $160. We will suggest trailing the stops to $175 after the price rises above $200.
If buyers can push the price above $0.29227 and sustain it, a rally to $0.34229 is probable. Traders can keep a stop loss on the long positions at $0.215. We would suggest trailing stops higher if the price moves upwards. XRP/USD pair might remain range-bound between $0.220 to $0.29227 for a few more days. The downtrend will resume on a break below the critical support of $0.22.
Bitcoin Cash remains stuck inside the range of $203.36 to $236.07. Bears will now try to sink the BCH/USD pair below the low of $203.36. If successful, a drop to $166.98 is likely. On the other hand, if the bulls propel the price above $241.85, a pullback to $ 268 is possible.
Disclosure: The author holds no cryptocurrency at the time of writing.
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