• Shivkumar

19th Sept - Crypto Technical & Market Watch

(By Shivkumar)

1) BTC/USD

Bitcoin is getting ready for a large move within the next few days. A breakout above $ 10,508 is likely to result in a sharp move to $13,973. Traders should buy on a breakout above $11,000 without waiting for the price to close above it. The stop loss can be kept at $9,000. If the BTC/USD pair turns down from current levels and falls below $9,080, the traders should avoid bottom fishing because a quick fall to $7,451.63 is likely. If the breakdown below $9,080 fails to sustain and quickly turns around, then it might offer a good buying opportunity. Hence, traders should keep a close watch and act accordingly.


2) ETH/USD

Eth broke out of the $ 188 on Sept. 16 and followed it up with further gains that have propelled it above $203.78. The next level to watch is $235.70, above which it is likely to pick up momentum. Traders can buy 50% of the desired allocation on dips to $203.78 and keep an initial stop loss of $160. The rest of the position can be added on a breakout above $235.70. Bullish view will be invalidated if the price turns down from current levels and plummets below $163.755.


3) XRP/USD

This is a positive sign as the rise above $0.27795 indicates that the markets have rejected the lower levels. The XRP/USD pair will now rise to $0.34229 and above it to $0.37835 where it is likely to face some resistance. We will wait for the price to stabilize before recommending a trade in it.


4) BCH/USD

BCH can now move up to the critical resistance of $360. If bulls push the price above $360, a new uptrend is likely. If the BCH/USD pair turns down from $360, it might remain range-bound for a few more days. We will wait for the price to break out above $360 before proposing a trade in it.

Disclosure: The author holds no cryptocurrency at the time of writing.

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