27th Crypto Technical & Market Watch
(By Shivkumar)
1) BTC/USD
A breakout of the $ 10,337 will be the first sign of a resumption of the uptrend. Therefore, traders can initiate long positions as proposed in the previous analysis. A breakdown below $ 10,337 and $9,080 support can drag the BTC/USD pair to $7,451.63. Due to this uncertainty , we are not recommending traders to go long at current levels.
2) ETH/USD
Ether (ETH) is stuck between the $ 218 and $174.461.Though the price broke down of the critical support at $192.945 on Aug. 14, bears have not been able to sink it to the next support at $150.A breakout close above $ 218 can result in a quick rally to $235.70.Aggressive traders can initiate long positions as suggested in our previous analysis. This is a risky trade because the trend is still down, hence, keep the position size at 50% of the usual.
3) XRP/USD
The failure of bears to capitalize on the breakdown below $0.24508 shows that lower levels are attracting buyers. If bulls can push the price above $ 0.30 it will signal the end of the downtrend.The first target is $0.34229. Aggressive traders can initiate long positions as suggested in our previous analysis. If the XRP/USD pair turns down from current levels and plummets below $0.24508, it will indicate the start of a new downtrend. The next level to watch on the downside is $0.19.
4) BCH/USD
Bitcoin Cash (BCH) has shrunk and stuck between $ 360 and the $ 309.A breakout and push the price to $360, which is a critical resistance. If this level is scaled, we expect momentum to pick up. Hence, we will propose long positions on a breakout and close above $360.A breakdown and close below $ 309 will complete the bearish pattern, which will be a huge negative. The next level to watch on the downside is $166.98 and below it $105.
Disclosure: The author holds no cryptocurrency at the time of writing.
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