6th Feb - Crypto Technical & Market Watch
Bulls are continuing to buy at dips. Buyers carried the price to a new 2020 high at $9,744. These breakout can rally to $10,360.89. Below $ 8982, a drop to $8247.60 is possible. We suggest traders the stop loss on the buy positions at $8,200. If the price sustains above $9,600, the stops can be trailed higher to $8,900.
Above $197.75, the rally can extend to the next resistance at $223.999 and above it to $235.70. The traders can trail the stops on the remaining buy positions to $180. Bearish below $197.75, and pair will turn negative below support at $173.841.
The next target to watch on the upside is $0.28132 and If the bulls can sustain above a rally to $0.31503 can be expected.Bearish below $0.28132 and further breaks to $ 0.2326.Traders can trail the stops on the buy positions to $0.23.
Bitcoin Cash has broken resistance at $403.88 with a sharp rally today and minor resistance at $440 above which, the up move can extend to $500. Bearish from the current level and might again dip to the recent support at $360.
Disclosure: The author holds no cryptocurrency at the time of writing.
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