Ethereum holding first resistance at 3480/3500
|Bitcoin reversed a fraction from first resistance at 47000/47500 & immediately collapsed back to 43400. Clearly there are aggressive sellers out there when we see strength.
Ripple stable & holding first resistance at 11170/11340 to keep the outlook negative.
Ethereum holding first resistance at 3480/3500 which keeps the outlook negative at this stage.
Daily analysis
Bitcoin same levels apply for today as we hold first resistance at 47000/47500 & establish a range below the 200 day moving average at 46000. So far we bottomed exactly at the 44300/44000 target but outlook remains negative. Further losses retest this week’s low at 43000/42900 but I would not gamble on this holding again today. A break lower targets only minor support at 41500/100. A break below 40000 is the next sell signal.
The minimum bulls require is for prices to hold above the 200 day moving average at 46000. Strong resistance again at 47000/47500. Shorts need stops above 48000. Only above here is more positive going forward.
Ripple holding below 11170/11340 retests Tuesday’s low at 10550/10250. Although we bottomed exactly here I favour a break to the downside eventually. Further losses target 9700/9650. If we continue lower look for 9050/30, perhaps as far as strong support at 8600/8550.
First resistance at 11170/11340 with strong resistance at 11650/11950. Bulls need prices to hold above 12000 for a more positive outlook for ne, initially targeting 12550/12650.
Ethereum holding below short term moving averages at 3350/3400 signal a retest of support at 3150/3050. In fact this was hit yesterday & we bottomed exactly here. A break below 3000 should be a sell signal initially targeting 2890/50. Expect strong support at 2650/2600 but longs need stops below 2500.
Bulls require prices to break & hold above 3500 for a more positive outlook initially targeting 3650/3700, perhaps as far as 3810/20 before a retest of last week’s high at 4010/30.
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.