Bitcoin Cash Range Bounding as Expected
BCH price against the US dollar is bouncing between the $523 and $736 marks for some time now. In the worse case, spiking below the supportive $523 level, will be adding selling pressure tanking the price towards $470 and afterwards a bearish trend will make the pair BCH/USD target $310.
However, if there is a momentum of gain presented and the price breaks above, there is a high chance of an upward surge towards the $634 mark and then $736 level.
But taking this as a trading understanding will be very risky keeping in mind that most of the top ten virtual currencies are taking their time for recovery and correction.
Ripple above Strong Support – XRP against the USD
On the hourly chart of XRP/USD, a triangle declining resistance pattern has been formed for Ripple price which will be finished lower than the $0.193 mark. In the event of a major breakdown it could be taking the price (speaking in a longer term) low at $0.085 but the $0.1350 has held any kind of descending since the beginning of the year and it will continue as it seems.
However, if the above mentioned pattern does not tank the price much and the pair XRP/USD break above, aiming for the major $0.3000 will be very likely with noting out an important resistance line at $0.2650.
In any case, Ripple’s market strategy and price development is very unique so the chart could not be a friend for traders. Keep the position size small and trade keeping in mind its risk before initiating it.
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