31st August - Crypto Technical & Market Watch.
(By Shivkumar)
1) BTC/USD
It has a strong support at $9,080, which is a critical level to watch out for. If the price slips and sustains below $9,080, it is likely to drop to $7,451.63. Our point of view will be invalidated if bulls defend $9,080 once again and propel the BTC/USD pair This will confirm $9,080 as a strong floor can be used a stop loss for future.We might suggest traders initiate long positions above $11,000 trades.Traders can remain neutral on the cryptocurrency.
2) ETH/USD
ETH turned down from the resistance of $192.945 and plunged below the support at $174.461 on Aug. 28, which shows that bears have the upper hand. The next support on the downside is at $150. Our view will be invalidated if the ETH/USD pair reverses direction from the current levels and quickly rallies above $192.945.We will withdraw our buy recommendation given in an earlier analysis. We will turn positive after we spot a reliable buy setup.
3) XRP/USD
XRP has been holding the first support at $0.24508 for the past two days and which shows that bears are in command.A break below $0.24508 can result in a retest of the yearly low at $0.225. If this support also cracks, the downtrend can extend to $0.19.We suggest traders remain on the sidelines.
4) BCH/USD
Currently BCH has an important level to watch out for and the levels are in patterns showing huge negative.If the pattern is broken, than the first support to watch on the downside is $166.98 and if that fails to hold, the next support is way lower at $105.If the pair turns around from the current levels it can result in a move to $360. We are not suggesting a trade in it.
Disclosure: The author holds no cryptocurrency at the time of writing.
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