9th July - Crypto Technical & Market Watch
Deutsche Bank has announced that it will shut down its equities sales and trading business and also cut back its fixed income business. This will lead to 18,000 job cuts. Analysts have pointed out that one of the reasons for this move is the ultra-loose monetary policy adopted by the central banks.
Bitcoin and the bulls are currently attempting to scale above the $12,000–$12,500 resistance zone. A breakout of this zone can retest the recent highs of $13,973.50. We anticipate stiff resistance at this level but if the momentum break through it, short sellers will be forced to take a u turn which can propel the price to $16,249.42. Above this, a retest of the lifetime highs will be in the cards.We suggest traders wait for the price to rebound off the supports $ 10924 before buying.Nonetheless, with the bear market having ended, traders should view dips as a buying opportunity.
The bulls might face resistance at $320.840 and above it at $366. If the price breaks out and closes above $320.840, we suggest traders buy 40% of the desired position size. A stop loss for the trade can be kept at $270. Remaining positions can be added on a breakout above $366. We are recommending long positions on a breakout above $320.840 because the pair has a target objective of $557.43. There is stiff resistance close to $500, hence, we will keep it as our initial target. Our bullish view will be invalidated if the pair reverses direction from the overhead resistance and slumps below $270.
Ripple (XRP) has held the first support of $0.37835.bulls are again attempting to push the price If successful, r can move up to $0.45. However, if the bulls fail, bears will try to sink the pair below $0.37835. If this support gives way, the next support is $0.35660. As the cryptocurrency has not participated in the recent recovery, we will wait for it to pick up momentum before suggesting a trade in it.
Bears have not been able to take advantage of the weakness and sink the price to the support line $419.We now expect bulls to attempt to push the price.If successful, a move to $448 and above it to $515 is possible. Hence, short-term traders can buy on a close above $423 and keep the stop loss at $375, which is below the recent lows. A breakdown below $375 will invalidate our bullish view, as it can result in a drop to $280.
Disclosure: The author holds no cryptocurrency at the time of writing.
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