3rd Dec - Crypto Technical & Market Watch
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Bitcoin has turned down from the $ 7747, which suggests that sellers are active. The bears will now try to sink and sustain the price below the support at $7,337.78. If successful, a drop to $6,840.75 and below it to $6,512.01 is likely. If the BTC/USD pair bounces off current levels or from $6,840.75, it will signal buying on the dips. The next move above the $7,900 is likely . We will recommend long positions if the price action signals buying.
Bulls pushed Ether above $151.829, they could not sustain this level. This shows that buying dries up at higher levels. The altcoin can now dip to $140 and below it to $131.484. Our bearish view will be invalidated if the ETH/USD pair turns around from the current levels and scales above the $ 159. Such a move will open the doors for a rally to $197.75. We wait before suggesting any trade.
The price has again dipped to the support at $0.22. If this support cracks, the downtrend can extend to $0.18. Bearish view will be invalidated if the XRP/USD pair turns around from the current levels and breaks out of the overhead resistance at $0.24508. If that happens, the pair can move up to the $ 249 and above it to $0.31503.We wait before suggesting any trade.
It is likely to retest the support zone at $203.36 to $192.52. A break below $192.52 will resume the downtrend. If the BCH/USD pair finds support closer to $203.36, it will signal buying on dips. If the subsequent rebound can cross above the recent high of $227.01, it will increase the possibility of a rally to $306.78.
Disclosure: The author holds no cryptocurrency at the time of writing.
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