5th Sept - Crypto Technical & Market Watch
The bounce in Bitcoin from close to the strong support of $9,080 has risen above , which is a positive sign. However, bulls are facing resistance just below the $11,000 mark.It is difficult to predict the direction of the breakout. If bulls push the price above $ 10,472,it will rally to the yearly high of $13,973.50.If bears sink the BTC/USD pair below $9,080, it can drop to the next support at $7,451.63. We suggest traders avoid buying if below $ 10,418 and wait for the breakout before initiating a long position as recommended in our previous analysis.
The bears will now try to sink the price below the recent low of $163.755. If successful, the downtrend can extend to $150.If bulls rally the price above $ 192, a rally to $235.70 is likely. We will wait for a new buy setup to form before recommending a long position.
XRP trend shows that bears are in command.The bears will now try to sink the XRP/USD pair below the $0.225–$0.24508 support zone. If successful, the pair will resume its downtrend and plunge to $0.19.We will wait for the trend to change before recommending a long position.
Bitcoin Cash (BCH) indicate that the current fall from $ 294 was a bear trap.If the BCH/USD pair turns down from current levels, bears will again attempt to pull down.If successful, the pair will become very negative and can slump to $166.98 and below it to $105.We do not find any reliable buy setups at current levels, hence, we remain neutral on it.
Disclosure: The author holds no cryptocurrency at the time of writing.
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