Bitcoin collapse as far as 33000: Is it time for the recovery? [Video]
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Bitcoin collapsed as far as 33000, very close to the 100 week MA at 32000/31500. Clearly, there were aggressive buyers waiting with a 4500 pip bounce, hitting the target 37600/800. A high for the day exactly here in fact.
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Ripple broke the rising 500-day moving average for a clear sell signal & crashed another 200 pips.
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Ethereum broke important support at 3050/3000 & the January low at just above 2900 for a very significant sell signal, with 50% losses so far.
Daily analysis
Bitcoin bulls defend the 100 week MA at 32000/31500...for now leaving a bullish candle on the bounce to 37600/800. I would be surprised to see further gains but look for strong resistance at the 500-day moving average at 40100/40200. It is only above 41500 that I can feel more positive although we still have strong resistance at 41400/500.
Obviously key support at 33000/31500 now. Longs need stops below 31000. A break lower targets 29000/28500. This is the last line of defense for bulls as a break lower could wipe off another 10,000.
Ripple has crashed as expected hitting 5400. We have bounced to the 100 weeks moving average at 5900/6000 & are actually holding just above here. This gives bulls some hope although I do not think we will hold above here for too long. First resistance at 6560/90 not quite reached yet. Unlikely but further gains meet a sell opportunity at 7250/7350. Stop above 7500. A break higher is a nice medium-term buy signal. Buy & hold!!
Ethereum has crashed as far as the 500 days moving average at 2300/2250 & an overrun to 2150. This is the only support of any importance now. First resistance at 2550/80. Above 2600 however, allows a recovery to strong resistance at 2790/2820.
A break below 2150 is obviously a significant setback for bulls, to say the least - targets are 2200/2170 & 1950/1900.
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