8th Oct - Crypto Technical & Maket Watch
The BTC/USD pair has been finding support close to the critical support of $7,337.78, which is from the yearly lows of $3,236.09. If the bears sink the pair below $7,337.78, it is likely to trigger several stop losses. The next support on the downside is $6,933.90 and below that $5,533.90. Therefore, aggressive traders can hold their long positions with the stops at $7,700.
If the bulls can push the price above the moving averages, it will indicate demand at lower levels. Above $185.566, a rally to $223.999 and above it to $235.70 is possible. This will keep the ETH/USD pair range-bound between $163.755 and $235.70 for a few days. Therefore, aggressive traders can hold the long position with a stop loss at $160.
Above $ 0.277 it will increase the possibility of a move to $0.34229. Therefore, traders can buy above $ 0.277 and not wait for the price to break out and close above $0.27795. The stop loss can be kept at $0.215. Our bullish view will be invalidated if the XRP/USD pair turns down and plummets below $0.215.
The bulls are attempting to push Bitcoin Cash above $236.07 . If the bulls push the BCH/USD pair above $ 280, the downtrend will be over and a rally to $360 will be in the cards. We suggest long positions on a breakout and close above $ 280 with stops at $202. If the pair reverses direction from the overhead resistance and plummets below $203, the next level to watch on the downside will be $166.98.
Disclosure: The author holds no cryptocurrency at the time of writing.
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