Bitcoin collapses again [Video]
-
Bitcoin broke lower at last as expected finally hitting my targets of 28500/450 & 27960.
-
Ripple holding below minor resistance at 4100/4200 in the bear trend to targets 3900/800 (hit) & well on the way to 3350/3300 now.
-
Ethereum we wrote: hovering above the May low at 1705/00 for 2 weeks, but the descending triangle suggests a break lower sooner rather than later.
-
At last! Finally we break lower as predicted - another important sell signal. Losses could accelerate to the downside. We could hit 1300 very quickly. 1130/00 not out of the question eventually.
![Bitcoin collapses again [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Digital Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraLarge.jpg)
Daily analysis
Bitcoin collapsed again back to 29500 29000, 28800, 28500/450 & 27960 as I write (at last). We had to be patient but we should continue lower (probably quite quickly after such a long period of consolidation) to eventually retest the crash low of 25390. I do not see this holding & I expect a test of the 200 week moving average at 22250/150. If this does not hold over the summer (although it is likely to initially) it is goodnight crypto - last one out put the chairs on the table!
Gains are likely to be limited of course with first resistance at 28150/250. Strong resistance at 28800/900. I cannot see prices any higher at this stage.
Ripple holding below minor resistance at 4100/4200 in the bear trend as we look for my targets of 3900/800 & 3350/3300. Further losses are expected to 3200, 3000 & eventually 2500.
I cannot see prices above 3900/4000 at this stage.
Ethereum continues lower as predicted with another important sell signal as losses accelerate to the downside initially targeting 1300. 1130/00 not out of the question eventually.
Obviously strong resistance at 1700/1720 although a retest look unlikely now - we must surely be hitting stops over the weekend.
Author
Jason Sen
DayTradeIdeas.co.uk
