8th Sept - Crypto Technical & Market Watch
Bitcoin looks ready to launch the next leg of the up-move.If bulls can propel the BTC/USD pair above $ 10,833,it is likely to resume its uptrend. A breakout of the triangle has a pattern target of $15,376.96. The rally might face stiff resistance at yearly highs of $13,973.5.Our bullish view will be invalidated if it is below $ 10,833.The cryptocurrency will turn negative on a breakdown of $9,080.Such a move is likely to keep the pair range-bound for a few more days.
The next resistance will be at $203.708. If bulls fail to push the price above this resistance, a few days of consolidation is probable.On the other hand, a breakout of $203.708 can propel the price to $235.70, which is a critical resistance.We will wait for the price to sustain above $183 before suggesting a long position.Our bullish view will be negated if the pair turns down and below $ 163.If that happens, the downtrend will resume with the next stop being $150.
XRP is stuck between $ 0.277 & $ 0.24508 for the past few days.If the XRP/USD pair turns down from current levels
plunges below the $0.24508–$0.225 support zone, it can correct to $0.19.We will wait for a reliable buy setup to form before proposing a trade in it.
If the BCH/USD pair breaks out of $360, it is likely to rise to $515.35. However, if it turns down from $360, it will remain range-bound for a few days.Our bullish view will be invalidated if the pair turns down and plummets below $ 299.Traders can buy 50% of the desired allocation on a breakout with a stop loss of $270.
Disclosure: The author holds no cryptocurrency at the time of writing.
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