6th August - Crypto Technical & Market Watch
(By Shivkumar)
1) BTC/USD
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.
2) ETH/USD
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.
3) XRP/USD
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.
4) BCH/USD
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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