What a week it has been for the markets, Bitcoin recovered from all time lows and is now trading at around 8.2K. This healthy jump has brought a lot of enthusiasm for the traders and most are optimistic that this upward movement will continue with small retracements here and there. So let’s jump to the charts
Pair: BTC/USDT | Time Frame: 1 Day
BTC was trading at $8282 (when the blog was written). Last week BTC broke many resistances and kept making higher highs all the way to $8491. Since then BTC retraced till $8050, which is considered to be healthy.BTC is back up and now trading sideways from $8150 to $8300. BTC has a good support at $8050 and $7850 at the same time it will face a number of resistances right from $8366 to $8500, above that BTC will slowly head towards $9000.
Pair: ETH/USDT | Time Frame: 1 Day
ETH recently hit a high of $515 but as the King (BTC) rallied, it couldn’t hold up the gains and started to correct and fell upto $450. Right now $450 will act as the support and the zone of $500 to $510 will act as resistance for ETH. Breaking of $510 & sustaining above it will take ETH to $560++
Pair: XRP/USDT | Time Frame: 1 Day
XRP hit high of 50 cents last week but gave up on gains in no time and was back to it’s long time support of 44 cents. It is interesting to observe its ability to maintain the support of 44 cents from a long time and trying to bounce from there. On the upper side it will face resistance at 49 cents breaking of which XRP will head to 55 to 60 cents this time.
Note: All the above charts & analysis is only for information purposes and should not be taken as investment advice. Investment in cryptocurrencies is subject to market risks and we do not advice investors to make trade decisions without conducting their own research. We do not guarantee the accuracy of the information provided herein for any purpose.
Written by Sachin Jain, Growth Marketer, CoinDCX
Disclaimer: CoinDCX is not dealing with fiat (INR) pairs due to the latest RBI notice (Announcement). Trading in bitcoins and cryptocurrencies is subject to market risks, prices are determined purely by the demand/supply and not controlled by the platform.