7th Jan - Crypto Technical & Market Watch
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The bulls have a slight advantage and price can now move up to $7,856.76. If successful the price rally to $10,360.89 is possible. As the risk to reward ratio is attractive, we suggest traders initiate long positions as suggested in our earlier analysis. If the bears get the price $7,856.76, then the pair will be range-bound for a few more days. Below $7,000 will be the first sign that bears are back in action. The downtrend will resume below $6,435.
If the bulls push the price above $ 141,is likely to rally to the $151.829 to $157.50 resistance zone. Traders can book partial profits close to the zone. The traders can keep the stop loss on the long position at $122.If the price turns down from the current levels and below $125.841,it can retest of the recent lows at $117.090.
XRP $0.18339 to $0.20041 range suggests that the bulls have overpowered the bears. Above $ 0.21 which a rally to $0.2326 is possible. We suggest traders wait for a dip towards the breakout level of $0.20041 and we withdraw the buy proposed in earlier analysis. If the price below $0.20041, the bears will once again attempt to sink the price below $0.18339.
The traders can book partial profits at the current levels and trail the stops higher on the remaining long to $215. If bulls can push the price above $241.85, the next target is a move to $306.78. Our bullish view will be invalidated if the BCH/USD pair turns down from the current levels.
Disclosure: The author holds no cryptocurrency at the time of writing.
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