Bitcoin unexpectedly crashed back below support at 50500/50000 & our buying opportunity at 46400/46000.

A surprise 10000 pip crashed (20%) leaves a dramatic bull trap, with longs from the last 20 days potential facing losses.

Ripple unexpectedly crashed back to 2 week lows wiping out 40% of the 6 week gains.

Ethereum unexpectedly crashed back to 4 week lows wiping out 40% of the 6 week gains.

Daily analysis

Bitcoin massive bearish engulfing candle on the daily & weekly chart signal further potential losses. A classic bull trap. Holding below 47500/47000 targets 46000. Holding below the 200 day moving average at 46000 today is more negative targeting 45300/100, perhaps as far as 44300/44000. Further losses retest yesterday’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.

Holding above the 200 day moving average at 46000 gives some short term hope to bulls but there are likely to be a lot of longs in shock looking for an exit to minimise losses. First resistance at 47200/400. We should struggle to beat this level but further gains meet resistance at 49000/500.

Ripple also has an important bearish engulfing candle (although less severe than Bitcoin). Longs from the last week potential facing losses. Holding below 11170/11340 risks a retest of yesterday’s low at 10550/10250. There is a good chance this will not hold today. Further losses target 9700/9650. If we continue lower look for 9050/30, perhaps as far as strong support at 8600/8550.

Bulls need prices above 11750 but expect strong resistance at 12000/12100 & again at 12550/12650.

Ethereum first resistance at 3480/3500. Holding here tests first support at 3410/00. Below 3350/20 signals further losses to 3270/50, perhaps as far as second support at 3150/3050. 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. 

Chart

ETH


The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.

More Bitcoin News
Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.

More Litecoin News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.

More Cryptocurrencies News
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP