Bitcoin: Strong resistance at 34000/34500
|Bitcoin shorts at strong resistance at 34000/35000 working perfectly as we break below 32000 is a sell signal targeting 31000/30500 before a retest of 29000/28500.
All exactly as predicted over the past days.
Ripple remains in a bear trend, with a descending triangle pattern. Shorts at strong resistance at 0.6315/35 worked perfectly so far as we hit first target of 0.6000/5900.
Ethereum shorts at strong resistance at 2300/2350 working perfectly as we break below the 200 day moving average at 2000 for another sell signal.
Outlook remains negative for crypto….and down we go as expected!
Daily analysis
Bitcoin topped exactly at strong resistance at 34000/35000. Our shorts here worked perfectly as we break below 32000 for a sell signal targeting 31000/30500 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.
Strong resistance at 34000/34500 again today. A break above here is a short term buy signal targeting 36500, 38500/600 & perhaps as far as 40000/41000.
Ripple shorts at strong resistance at 0.6315/35 working as we target 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.
Strong resistance at 0.6315/35. Shorts stop above 0.6600. A break higher can target 0.7300/0.7400. Watch for a high for the day. A break higher however can target 0.7800, perhaps as far as 0.8000/8100.
Ethereum outlook negative as we hold strong resistance now at 2200/2250 We are just breaking below the 200 day moving average at 2000 for a sell signal targeting 61.8% Fibonacci support at 1728. I very much doubt this will hold a third time. A break below 1700 is yet another sell signal.
Bulls desperately need prices to hold above 2000 but they really need a break above 2200 for full control in the short term to retest last week’s high at 2400. We should struggle to beat this level here but if we continue higher expect resistance at the 100 day moving average at 2550/2600.
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