5th October - Crypto Technicals & Market Watch
If $7,337.78 cracks, the cryptocurrency will become hugely negative and can drop to $6,400.On the other hand, if the bulls defend the $7,3337.78–$7,451.63 support zone, it will again attempt to break out of the flag. If successful, a move to $9080 will be in the cards. Positional traders can wait for the price to sustain above $9,080 before initiating any long positions. On the other hand, aggressive traders can retain the stops on the long positions at $7,700.
The bears will now try to sink the price back to the critical support of $163.755. If this support gives way, a retest of $151.829 will be in the cards.if the bulls push the price above the moving averages, a rally to $203.708 and above it to $235.70 is possible. Therefore, aggressive traders can retain the long position with the stop loss at $160.We will wait for the trend to change from down to up before proposing a trade in it.
XRP has been holding above $0.24508 for the past three days, which is a positive sign.A move above $ 0.26 can scale a move to $0.34229 is possible.traders can initiate long positions as suggested by us in the previous analysis.if the XRP/USD pair turns down breaks below $0.24508, a retest of $0.22 is likely.
Bitcoin Cash (BCH) remains stuck in a tight range of $203.36–$236.07. A breakdown from the range will resume the downtrend and the next stop is likely to be $166.98.We will wait for the pair to form a reliable buy setup before proposing a trade in it.
Disclosure: The author holds no cryptocurrency at the time of writing.
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