18th August Crytocurrency Update…

  1. BTC/USD

Currently, the bulls are attempting a pullback that is likely to face resistance in the zone of $6527.77 — $6617.5. If the BTC/USD pair sustains above $6,650. The stop loss can be kept just below $5,900. The risk to reward ratio is attractive, hence we suggest buying the bounce off the $6,000 level.

  1. ETH/USD

ETH/USD pair plummeted below the key support of $280 and fell to an intraday low of $249.93. if the bears break the $249.93 line, the cryptocurrency can drop to the next support at $200. we shall wait for the selling to end before attempting a buy.

  1. XRP/USD

We had been projecting a target of $0.24001 on the XRP/USD pair for the past few days and reached an intraday low of $0.24508. We suggest traders wait for the prices to stabilize and turn upwards before attempting a buy.

  1. BCH/USD

Bitcoin Cash broke below the support and extended to $473.9060. If the BCH/USD pair breaks below $473.9060, it can decline to the next support at $400. If the bulls quickly push the prices above $538.

  1. EOS/USD

EOS found support close to the critical line at $3.8723, when it dropped to an intraday low of $4.1778. The next support below $3.8723 is $3.

We shall wait for a new buy setup to form before suggesting a long position.

  1. LTC/USD

We anticipated the bulls to defend the support zone of $48 — $52 and that is what had happened. Litecoin declined to an intraday low of $49.466, where buying emerged. We shall wait for the buyers to return and a bottom to form before proposing a trade on the pair.

  1. XLM/USD

Stellar has held the critical support at $0.184. This is a positive sign, which shows a demand at these levels. The XLM/USD pair has been trading inside the range of $0.184 — $0.25. A long position on the pair if the bulls sustain above $0.25 for four hours. The stop loss for the trade can be kept around the $0.18 mark. Bullish view will be invalidated if the bears break below $0.18.



Leave a Reply

Your email address will not be published. Required fields are marked *