7th May - Crypto Price Analysis
(By Shivkumar)
1) BTC/USD
Bitcoin have broken $ 9200 and bulls can push the price above $9,456.77, a rally to $10,000 and then to $10,500 is likely.
If bears defend the $9,456.77 level aggressively, a drop to the breakout level of the $ 9200 is likely. If this retest holds, the possibility of a breakout above $9,456.77 increases.
Bearish if pair turns down from the current levels or $9,456.77 and breaks below the breakout level of the $ 9200 , a drop $8,180 is likely.
Trader stop-loss on the rest of the buy position can be kept just below $ 8180 because if this support cracks, a deeper correction is possible.
2) ETH/USD
A breakout of $ 208 will be a huge positive as that can result in a rally to $250 and then $288.599.
Bearish if the ETH/USD pair turns down from the $ 208 and breaks below ($195), it will signal weakness.
Traders traders can keep the stop-loss on the remaining buy positions at $185.
3) XRP/USD
Bulls are moving towards the resistance zone of $0.23612-$0.24770.
Bullish if the price above $0.24770, and can rally to the long-term downtrend line at $0.28.
Bearish if bulls fail to push the price above $0.24770 and can be range bound for few days.
A break below $0.20570 will be the first sign of weakness and a drop to $0.17372 is possible.
Traders, the stop-loss on the buy positions can be kept at $0.20.
4) BCH/USD
Bitcoin Cash has held the $244 for the past two days and bulls have unable to bounce back.
Bearish below $ 250 and sink the price below $234.55. If successful, a drop to $200 is likely.
Traders can keep the stop-loss on the buy positions at $230.
Bullish above $ 250 and rally to $280.47 is likely. A breakout of this level will signal strength and open the doors for a rally to $350.
Disclosure: The author holds no cryptocurrency at the time of writing.Register for Technical news and market update shiv@shivfxcrypto.com || Facebook :- www.facebook.com/shivfxcrypto ||Instagram :- www.instagram.com/shivfxcrypto1 ||Twitter :-www.twitter.com/shivfxcrypto|| Whats App :- +91-70439-12326
