Bitcoin: A break above 25000 is a buy signal
Bitcoin holding very strong resistance at 24800/25000 & this does look like a large bear flag forming - so a break lower would be expected eventually.
Ripple is holding first support at 3650/3600, which gives some hope to bulls.
Ethereum must now hold first support at 1850/1800 to target 2000/2020 & 2100/2120.
Daily analysis
Bitcoin bounced to targets of 23400/500 & 24200/300 with very strong resistance at 24800/25000. A break higher is another buy signal targeting 26000, perhaps as far as 26300/400.
Shorts at very strong resistance at 24800/25000 target 23250/150. On further losses look for 22300/100, perhaps as far as the lower trend line of the bear flag at 21000/20900. A break below 20800 therefore is an important sell signal.
Ripple reverses from first resistance at 3800/50 but holds first support at 3650/3600. A break lower targets 3450/3400. Below here is a sell signal targeting 3200.
Holding first support at 3650/00 targets first resistance at 3800/50. A break above 3900 targets 4000 & 4100.
Ethereum beat strong resistance at 1820/50 & obviously bulls must hold prices above here to target 2000/2020 & 2100/2120. If we continue higher look for 2230.
Failure to hold above 1800 is a sell signal, initially targeting 1680/60 then strong support at 1530/1480.
Author
Jason Sen
DayTradeIdeas.co.uk
Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.
