22nd Crypto Technical & Market Watch
Bulls will have to defend the critical support at $9,080 because if this support breaks down, the BTC/USD pair can fall to $7,451.63. If the pair rebounds sharply from $9,080it can be a good buying opportunity as it will offer an attractive risk-to-reward ratio. We suggest traders wait for the price to rebound sharply from $9,080 before entering a long position. The trade can be protected with a stop loss at $8,900.We should see a decisive move within the next few days.
The bears will now try to break below $174.461, the intraday low on Aug. 15. If this support is violated, the downtrend will resume and the cryptocurrency can fall to $150. Our bearish view will be invalidated if the ETH/USD pair rebounds from $174.461 and rallies above $204. The next level to watch on the upside will be $235.70.We will wait for the trend to turn up and the price to sustain before proposing a trade in it.
The price is likely to retest the $0.225-$0.24508 support zone. If bears succeed in breaking below the zone, the downtrend will resume and the next target to watch on the downside will be $0.19.we remain neutral on the cryptocurrency.
Bitcoin Cash has turned negative and is bearish.The first support on the downside is at $166.98, but if it fails to hold, the drop can extend to $105.Our bearish view will be negated if the BCH/USD pair rebounds and will turn positive if the price sustains above $360. Until then, we suggest traders remain on the sidelines.
Disclosure: The author holds no cryptocurrency at the time of writing.
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