2nd October - Crypto Analysis & Market Watch
Bitcoin again found buying support close to $7,700. This is a positive sign as it shows that bulls are keen to defend the critical support zone of $7,451.63–$7,337.78.The next dip toward $7,451.63 will confirm whether the bottom is in place.Aggressive traders can keep a stop loss of $7,700. The first target objective is a rally to $9,080.If the bears sink the BTC/USD pair below the $7,451.63–$7,337.78 zone, the sentiment will sour and will delay the next leg of the up move.
Ether (ETH) has been trading above the critical support of $163.755 for the past three days.The pair has broken out of the immediate resistance of $176.445, which is a positive sign. It might face some resistance at the moving averages, above which, a rally to $203.708 is possible. Therefore, aggressive traders can buy at $178 and keep a stop loss of $160.If the ETH/USD pair turns down from the moving averages and plunges below the $150–$163.755 support zone, it can correct to $122.
XRP has risen sharply above $0.24508.Traders can watch the next dip and buy if it does not break below $0.24508.If the bulls can push the price above $0.27795, the XRP/USD pair can quickly rally to $0.34229.If the pair turns down from current levels and plunges below $0.22, the downtrend will resume. The next support on the downside is at $0.19.
Bitcoin Cash (BCH) is trying to form a bottom above $220.A trend change will be signaled after the BCH/USD pair scales above $360.A retest of $203.36 is possible. We will wait for the buyers to make a comeback before proposing a trade in it.
Disclosure: The author holds no cryptocurrency at the time of writing.
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