30th March - Crypto Technical & Market Watch
Blockchain and cryptocurrencies are attempting to make a difference in the way traditional assets are traded. If successful, it will be a bullish move for the nascent asset class. The recovery in crypto markets continues.
If the digital currency breaks out and closes above $4,255, target objective of $5,273.91. Its stuck in the large range of $4,255–$3,236.09. If the pair breaks down of $3,236.09, than bearish can be expected. Traders can keep the stop loss on the long positions at $3,500. We shall soon trail the stops higher.
If the bulls push above the resistance at $144.78, the ETH/USD pair can quickly rally to $167.32. This bullish set up has a target objective of $251.64. If its below $167.32 than the bullish view will be invalid. Traders can keep the stops on the remaining long positions at $125.
If the pair breaks out and closes above $0.33108. We expect the trend to change. The ensuing rally can reach $0.60 in the medium-term. The digital currency below $0.27795, it can plummet to the yearly low of $0.24508. We do not find any reliable buy setups at current levels; hence, we are not suggesting any trade in it.
BCH has broken out of $163.89 but might face some resistance at $177.30 & has a target objective of $222.78–$249.60. We recommend holding the long positions with the stops at $140. The pair will weaken below $125.88 and will turn negative below $105.
Disclosure: The author holds no cryptocurrency at the time of writing.
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