20th Nov - Crypto Technicals & Market Watch
A decisive breakdown below the 61.8% Fibonacci retracement level of $8,467.54 is likely to attract further selling that can drag the price to $7,952.84.If the BTC/USD pair bounces off the current levels it will signal that the current fall was a bear trap. We will wait for the price to breakout for further prediction of trade.
If the price breaks out of the overhead resistance at $197.75, a rally to $235.70 will be on the cards. On the other hand, if the bears sink the price below $173.841, a retest of $161.056 to $151.829 support zone is likely. The downtrend will resume on a break below this zone. Therefore, traders can continue to hold their long positions with stops at $150.
XRP has resumed its journey towards the next support at $0.24508.A break below $0.24508 will be a huge negative that can drag the price to the next support at $0.22. Hence, traders can retain a stop loss on the long positions at $0.24.If the XRP/USD pair bounces off the support at $0.24508, the bulls will try to push it above the moving averages. If successful, it will remain range-bound between $0.24508 and $0.31491 for the next few days.
BCH/USD shows lack of demand at higher levels. The next support on the downside is at the $ 251 and below it $241.85.If this support holds, the bulls will again attempt to carry the BCH/USD pair above the overhead resistance at $269.10.If the support at $241.85 breaks down, the pair might slip to the next support at $203.36. We will wait for the price before any predictions for the trade.
Disclosure: The author holds no cryptocurrency at the time of writing.
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