Bitcoin: Holding second resistance at 39400/450 targets 38000/37800
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Bitcoin doing very little after holding 300 pips above my next target of 34000.
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Ripple trying a break above 7270/7370 for a buy signal targeting 7740/7800.
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Ethereum tests resistance at 2790/2810. Shorts need stops above 2870. A break higher is a buy signal.
Daily analysis
Bitcoin beat first resistance at 36300/400 to test second resistance at 39400/450 but struggling here. Bulls need a break above 40000 to target the 500 day moving average at 42000/200. Unlikely but if we continue higher look for strong resistance at 44100/400.
Holding second resistance at 39400/450 targets 38000/37800. If we continue lower look for 36400/36000 & probably as far as 34400/34000. Do not be surprised to see a test of very strong support at 100 week moving average at 33000/800 (today's value).
Ripple unexpectedly beat strong resistance at 7270/7370 for a buy signal targeting 7740/7800. If we continue higher look for quite strong resistance at 8000/8100. Shorts need stops above 8200 for a buy signal.
Minor support at 7300/7280 but below here can target targets 7090/70, perhaps as far as support at 6890/6870.
Ethereum runs as far as resistance at 2790/2810. A high for the weekend possible here but shorts need stops above 2870. A break higher is a buy signal targeting 2900/2920 & probably resistance at 3025/55.
Strong support from 2660 down to 2560 should now hold the downside.
Author
Jason Sen
DayTradeIdeas.co.uk
