Bitcoin: Minor support at 52500/52000
|Bitcoin beat resistance at the September high at 52950 targeting 54700/900 & 55300/500. Targets hit!!!
Ripple still holding strong resistance at 10710/10780!!!! This is obviously key to direction.
Ethereum edging slowly above minor resistance at 3400/3450.
Daily analysis
Bitcoin hit the next target of 55300/500. Further gains are possible today as far as 57000, 58500 & perhaps as far as resistance at 59400/600 in to next week.
Downside is expected to be limited. Minor support at 52500/52000. Strong support at 50000/49500. Longs need stops below 49000. A break below here is a medium term sell signal.
Ripple holding strong resistance at 10710/10780 targets 9900/9800. Expect support at 9600/9500. A break lower tests the 100 day moving average at 9000/8950. A break below 8900 is a medium term sell signal.
We are holding strong resistance at 10710/10780. Shorts need stops above 11000. A break higher is a buy signal targeting 11400 & probably as far as minor resistance at 12000/12100. We should pause here but shorts are probably too risky.
Ethereum beats minor resistance at 3400/3450 for the next target 3550/3600 & eventually 3700. (nearly there hitting 3660). On further gains look for 3830/50 before a retest of the September high at 4000/4030.
Outlook positive as long as we hold first support at 3500/3450. A break below 3400 however risks a slide to strong support at 3170/3150.
Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.