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  • Writer's pictureShivkumar

6th August - Crypto Technical & Market Watch

(By Shivkumar)


BTC broke and triggered our buy recommendation.It is now attempting to sustain above If successful, it will indicate buying at higher levels that can carry the price to $13,156.96 and above it to the recent high of $13,973.50. If the digital currency hits new yearly highs, it can rise to $17,208.84 and above it to lifetime highs. A breakout above the downtrend line $ 11759,invalidates the bearish setup. Lets see the momentum how fast can the pair reach $ 13,973.If bears sink the price back below the downtrend line it will indicate a lack of buyers at higher levels.

Crypto Technical & Market Watch
6th Aug - Crypto Technical & Market Watch


ETH has broken and has reached the resistance of $235.70.A breakout is likely to resume the uptrend that can carry the price to $320.84. The traders can buy as suggested in our earlier analysis.if the price reverses direction from just above $235.7 and dives below the uptrend line, it will signal weakness. The trend will turn down if the pair drops below $192.945.


XRP has cleared the first hurdle.It might face resistance at $0.34229.Traders can initiate long positions on a closeabove $0.34229 with a stop loss of $0.2750. The target objective is a move back to $0.45.Our bullish view will be negated if the XRP/USD pair turns down either from $0.34229 and falls below the critical support of $0.27795. If that happens, the downtrend will resume.


BCH has broken out of the resistance at $345.80.If the price closesabove $345.80, traders can initiate long positions. This pattern has a target objective of $440.37, above which it can move up to $500.Our bullish view will be invalidated falls below $ 350 or support of $ 329.In such a case, a drop to $227.70 is possible.

Disclosure: The author holds no cryptocurrency at the time of writing.

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