5th Dec - Crypto Technicals & Market Watch
( By Shivkumar)
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Bitcoin might remain range-bound for the next few days. A breakout of $7,856.76 will be the first sign that the bulls are back in action. Traders can buy on a breakout and above the $ 8301 with a stop below $6,500. The first target objective is $10,360.89 and above it $12,000. If the bears sink the BTC/USD pair below $6,512.01, the downtrend will resume. The next support on the downside is $5,533.90.
Ether is attempting to turn around from the support at $140. If the bulls can push the price above the $ 157 and sustain it, a rally to $173.841 is possible. Above this level, the up move can extend to $197.70. We recommend long position after the price sustains above $ 157. If the ETH/USD pair fails to break out and sustain above the $ 157, the bears will attempt to sink it to the recent low of $131.484.
XRP has been trading close to $0.22 for the past three days. If the bears sink and sustain the price below $0.22, a retest of the yearly low at $0.20041 is possible. A new 52-week low will be a huge negative and can drag the price to $0.18. if the XRP/USD pair rises above $0.23260 to $0.24508 resistance zone, a rally to $0.31503 is likely. We wait before suggesting any trade.
Bitcoin Cash has bounced off the first support at $203.36. If the price can continue to climb higher and break out of $227.01. If the bears sink the price below $203.36, the BCH/USD pair can slide to the next support at $192.52. The target objective on the downside is $166.98. We will wait until it breaks out $ 227.
Disclosure: The author holds no cryptocurrency at the time of writing.
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