19th Oct - Crypto Technical & Market Watch
The bulls have defended the support at $7,702.87 on three previous occasions. A strong bounce off $7,702.87 will increase the possibility of a move to the top of the range at $8,777.89. This is the fourth time the BTC/USD pair has revisited $7,702.87 in just under a month. If $7,702.87 fails to hold, the next support is at $5,533. We suggest aggressive traders protect their long positions with stops at $7,700. We are waiting for the pair to take next decisive move.
It is now likely to drop to the critical support zone of $161.056 to $151.829. If the ETH/USD pair rebounds sharply from the support zone, the bulls will attempt to push it back towards the top of the tight range at $196.483. If the bears sink the ETH/USD pair below the support zone, a fall to $122 is possible. Aggressive traders can retain the stop loss on the long positions at $160.
The bulls are struggling to sustain the price above $0.29227. The bears will now try to sink the price, if successful, a drop to $0.24508 and below it to $0.22 is likely. Traders can hold long positions but raise the stop loss to $0.24.
Bitcoin Cash continues to slide towards the critical support of $203.36. A breakdown below $203.36 will resume the down move and the next level to watch is $166.98. Conversely, if the BCH/USD pair rebounds off $203.36, price will remain range-bound for a few days. A breakout of $236.07 will be the first indication that buyers are back in action. We will wait for a buy formation.
Disclosure: The author holds no cryptocurrency at the time of writing.
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