Bitcoin: Shorts need stops above 48000
|Bitcoin still holding first resistance at 43500/44000 which keeps pressure to the downside.
Ripple still holding first resistance at 9800/9900 in what appears to be a negative bear flag pattern.
Ethereum saw a high for the day exactly at first resistance at 3130/60 so shorts here are the perfectly trade.
Daily analysis
Bitcoin holding first resistance at 43500/44000 in recent days (in what I think is a developing bear trend) re-targets 42000/41500. This has been hit now & is holding but pressure remains to the downside. A break below 39500 then targets 37300/37000. I would not rule out 34500/300 and even more losses in to October.
Bulls need a break above 45000 to test resistance at 47000/47500. Shorts need stops above 48000 for a medium term buy signal.
Ripple holding first resistance at 9800/9900 eventually targets best support again at 8600/8550. A break below 8500 is a sell signal targeting 8000/7950 & 7600.
Bulls need a break above 10000 to test strong resistance at 10250/10350. A break higher can target strong resistance at 10710/10780. Shorts need stops above 11000.
Ethereum holding first resistance at 3130/60. Shorts need stops above 3250. A break higher targets 3300/3320 & resistance at 3400/3450. Shorts need stops above 3500.
Shorts at at 3130/60 target minor support at 2960/50 (hit this morning). Best support at 2700/2600 for profit taking on any remaining shorts. Longs need stops below 2500. A break below here is an important medium term sell signal, initially targeting 2440 then 2250/2220.
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