Price Analysis 23/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM

Should traders stay cautious or use the current dip to buy? While we have usually been conservative in our analysis, we will tweak our approach a little and will start suggesting even short-term trades, which can be considered by aggressive traders.

The bulls will now attempt a recovery, which will pick up momentum on a breakout and close above 20-day EMA.Aggressive traders can buy on a breakout and close above 20-day EMA and keep a stop loss of $174. The target to watch on the upside is $235.70.

If buyers can propel XRP above the 20-day EMA and sustain the level, it will indicate strength.

If the price sustains above $0.27795, it will re-enter the range.

BCH/USDThe bulls have successfully defended the trendline of the ascending channel for the past two days, but have failed to propel the price above the 20-day EMA. Bitcoin Cash is stuck between the trendline of the channel and the moving averages.

A breakout of the moving averages can carry the price to $360, above which we expect the BCH/USD pair to pick up momentum.

We suggest traders wait for the price to break out of $360 before attempting long positions.

Traders can wait for the price to sustain above the 50-day SMA before initiating long positions with a stop loss of $26.EOS/USDEOS again held the support at $3.30 on Aug. 21.

We might suggest a short-term trade if the price sustains above the downtrend line.

The price action inside the range is usually volatile and difficult to call it is best to either establish a long position on a breakout of the range or wait for the price to correct to the support to buy.