Bitcoin shorts at very strong resistance at 35500/36000
|Bitcoin bulls did their best, pushing to very strong resistance at 35500/36000 but they just could not beat 36500. Only a break above here is a short term buy signal. However bulls also need a break above 37500 for a better buy signal.
Ripple topped exactly at strong resistance at 0.7300/7350 in another absolutely perfect call. Shorts here worked perfectly as we collapsed towards the first target of 0.6340/6260.
Ethereum managed an unexpected bounce back above the 200 day moving average support at 1900 for a short term buy signal targeting first resistance at 2150/2200. Prices have reversed form here in the bear trend.
Daily analysis
Bitcoin shorts at very strong resistance at 35500/36000 working perfectly today. A break above 36500 however is a short term buy signal. Bulls also need a break above 37500 for a better buy signal targeting 38600 & 40000/41000, perhaps as far as resistance at 42400/800.
Holding strong resistance at 35500/36000 targets minor support at 33500/33000. A break below 32500 sees 31700/500 before a retest of 29000/28500. A double bottom here would help to turn the medium term outlook positive, although this is looking increasingly unlikely now. Watch for support at 27500/27000 on any further losses.
Ripple shorts at strong resistance at 0.7300/7350 worked perfectly as we initially target 0.6340/6260. A break below 0.6200 then targets 0.6000/5900 before a retest of 0.5200/5100. The 2019 high is at 0.4940. A break below here is catastrophic for bulls & risks a slide to 0.4400/4350.
Shorts at strong resistance at 0.7300/7350 need stops above 0.7400. A break higher can target 0.8000/8100.
Ethereum hit the next target of 2150/2200 & collapsed half way to strong resistance at 2300/2350 which was predicted to be the high for the week. Prices are collapsing as expected towards minor support at 2000/1950. A break below 1900 is a sell signal. A break below 61.8% Fibonacci support at 1728 is another sell signal initially targeting 1550 but I would not be buying here.
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