9th May - Crypto Price Analysis
Bitcoin rallied on May 7 and broke above the $9,456.77 and carried the price to $ 10,000 which was a huge positive.
Bears are defending the $10,000 level, and unable to sink the price below $9,456.77.
Bulls are in command but the pair looks overbought in the short-term.
I(f bulls can sustain the above $9,456.77 during pull back, it will increase the possibility of a rally to $10,500.
Bears can defend between $10,500 and $ 10,000.
Traders can tighten their stops if the pair starts to turn down from this zone.
First sign which shows bears are in control would be a break below $9,000.
The traders can trail the stops on the remaining buy position to $9,000.
ETH bounced off $197 which showed buying at support levels.
As long as the price remains $ 194 the possibility of a breakout above the channel remains high.
A break below $ 194 will be the first sign that the bears are in control.
Traders can trail their stops on the buy positions to $185.
XRP/USD has been trading between $0.20570-$0.22281 for the past four days which shows a balance between bull and bear.
Bullish if it break above $0.22281 a rally to $0.23612-$0.24770 is likely.
Bearish below $0.20570, a drop to $0.17372 likely.
Traders can protect their buy positions with stops at $0.20.
Bitcoin Cash dropped to $ 226.90, which triggered the stop-loss on the buy positions as suggested in the previous analysis.
BCH bounced from the lows and closed above $250 suggest buying at lower level and a move to $280.47 is possible.
If the BCH/USD pair turns down from the current levels and breaks below $226.90, a drop to $200 is likely.
Disclosure: The author holds no cryptocurrency at the time of writing.Register for Technical news and market update email@example.com || Facebook :- www.facebook.com/shivfxcrypto ||Instagram :- www.instagram.com/shivfxcrypto1 ||Twitter :-www.twitter.com/shivfxcrypto|| Whats App :- +91-70439-12326