Bitcoin: A break below 35400 is a major sell signal
Bitcoin shorts at resistance at 41100/500 target 40000 & as far as the March low at 37500/37000 this time. Next target is 36000 with the important 100 week moving average at 35900/700. A break below 35400 is a MAJOR SELL SIGNAL. First stop is 28900/700.
Gains are likely to be limited with minor resistance at 39000/39300 then strong resistance at 40100/300.
Ripple holding below the 100 week moving average at 6650/6600 is a disaster for bulls. Look for 6220/00 then 5800 before a retest of the 2022 low at 5525/5475.
Obviously bulls need prices to recover & hold above 6700 as quickly as possible. I think this is unlikely.
Ethereum strong support at 2800/2750. A break below & hold below 2700 is a medium term sell signal targeting 2640, 2600, 2570 & 2500 (just to start with).
Holding strong support at 2800/2750 allows a recovery to 2900/3000 but may be no further. Bulls need prices to hold above 3000 if there are to get back in the game.
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.
