8th Aug - Technical Analysis & Market Watch
The price is again struggling to sustain above $12,000, which shows selling at higher levels.Traders who had initiated long positions on our recommendation can trail the stop loss to $10,500. Let’s reduce the risk.If the price holds above which shows that bulls have the upper hand in the short term. The first target on the upside is $13,156.96, above which a retest of the recent highs of $13,973.5 is probable. A breakout of this level is likely to generate FOMO, resulting in a quick surge to $17,208.84.
ETH failed to sustain above $235.70 for the past two days as the digital currency is still trading above we remain bullish on it.If bulls push the price above $235.70, it is likely to resume its uptrend.We retain the buy recommendation given in an earlier analysis. If the ETH/USD pair breaks below $ 257 the pair will start a downtrend on a break below $192.945.
XRP shows selling at higher levels.The immediate support of $0.30. If that happens, a retest of $0.27795 is probable. XRP/USD pair has not broken below $0.27795 since mid-December last year we anticipate a strong defence.we expect the pair to show strength if it sustains above $0.34229. We retain the buy recommendation given in the previous analysis.if $0.27795 support broken a new downtrend that can extend the fall to $0.19.
BCH triggered our buy level when it closed above $345.80 on Aug. 5, bulls are trying to keep the BCH/USD pair above the $ 367, if successful, we anticipate another attempt to break out of $345.80. Traders can trail the stops higher to $300 because if the pair dips below $ 345 than it can decline to $ 330.
Disclosure: The author holds no cryptocurrency at the time of writing.
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