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* Market BTC / USD, ETH / USD and LTC / USD Data are provided by HitBTC Exchange.
The material fork SegWit2x expected from Bitcoin did not materialize, which led to a large-scale dumping of cryptocurrency. This woke the sleeping giant, Bitcoin Cash, who surprised everyone with his huge vertical gathering.
Instead of Ethereum flying Bitcoin for the leading position, Bitcoin Cash returned Ethereum to take second place. However, gravity has caught Bitcoin Cash helping Ethereum to regain its second place
Meanwhile, experts continue to provide optimistic forecasts for Bitcoin, in the short and long term.
Let's see what the graphics predict
BTC / USD
After the rally of $ 650 to $ 2,969.99, cryptocurrency took over from 50% Fibonacci retracement. In the second stage of the rally, which brought Bitcoin from $ 1,752 to $ 4,975, the correction spread to 61.8% of Fibonacci retracement levels. The current fall traced about 50% of the rally, from $ 2,974 to $ 7,875
the current rally is facing a resistance to the trend line, which had previously served as a support. The 20-day EMMA is also at the same levels. Therefore, we must carefully monitor the levels of 6,500 $.
If Bitcoin is able to evolve above the trend line, the chances of retesting the ups rise.Otherwise, if the digital currency is turning away from the line of trend, a new test of the lows of yesterday is likely.
have a good signal of purchase with a good risk / reward ratio. the moment
ETH / USD
A few months ago, Ethereum was the darling of the traders. However, in recent times, it has not generated any significant buying interest. The scenario is about to change?
Ethereum was trading between $ 280 and $ 315, but the bulls managed to burst and close twice over resistance to overhead, but they could not sustain the rally
It is therefore recommended to buy cryptocurrency at a close of over $ 315, and the loss of stop should be maintained at $ 280
The first objective Target is $ 353. Therefore, once prices have rallied to $ 353, please increase the stops to balance.Preserve 50% of profits at $ 367 and follow the higher stops.
BCH / USD
We had correctly spotted the rally in Bitcoin Cash in the initial stages., In general, end up doing fair e hurt a lot of buyers arriving late to the party, fearing they missed the rally. Therefore, many times, we prefer to miss a rally if we do not have a good risk / reward ratio, rather than jump in and repent later.
Currently , Bitcoin Cash corrects the staggering rally, which took him from under $ 300 levels to $ 2,799, an 833% rally in 21 days.
The usual levels of Fibonacci retracement could offer no support During the correction, we expect the digital currency to find support at the level of $ 972. The highest precedent, created on August 19
If the support is maintained, we can witness a recovery the uptrend, but there will be a huge door-to-door sellers, stuck at higher positions.We do not expect a repeat vertical rally.
If, however , the support of $ 972 breaks, the cryptocurrency is likely to fall to $ 611. We do not find any a purchase configuration on Bitcoin Cash; therefore, we do not recommend any trade on it.
XRP / USD
Ripple was a latecomer. The bulls showed no interest in buying even when the other altcoins were on fire.