5th March - Crypto Technical & Market Watch
BTC price has been stuck between $8,400 and $9,000 for the past few days.$ 9151 is a crucial level. Fall below these will be negative.If the bears can sink the price below $8,400, a drop to the next support at $7,856.76 is possible.$ 8716 if the price sustain above than we can see the price touch $ 9151, further can push to $ 10,000 & $10,500.Short-term traders can buy on a breakout and close $ 8716 with a stop loss at $8,400. This is a risky trade, hence, we suggest traders use only about 40% of the usual position size.
If the ETH/USD pair breaks below $209.95, it can dip to $197.75, which is likely to act as a strong support. On the other hand, if the price breaks out of $235.70, a move to $288.599 is possible. Therefore, traders can buy on a close above $235.70 with a stop below $208.
If the bears can sustain the price below $0.22250, a drop to $0.20 and below it to $0.17468 is possible.Our bearish view will be invalidated if the XRP/USD pair rises above resistance at $0.26362.
The bears will now attempt to sink the altcoin below $306.78.If successful, a drop to $270.15 is possible.If the BCH/USD pair bounces off the support at $306.78, the bulls will make another attempt to carry the price above $360. If successful, a rally to $400 and above it to $500 is possible. We will turn positive on above $360.
Disclosure: The author holds no cryptocurrency at the time of writing.
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