Bitcoin: A huge buying opportunity at 54500/54000 [Video]
-
Bitcoin lower as predicted as we look for a huge buying opportunity at 54500/54000.
-
Ripple crashed through the 100 day moving average at 11100 as predicted for an important sell signal in the medium term with huge profits on our shorts as we crash to 10155. However the downside is likely to be more limited now so running shorts much further is risky. Bag the cash!
-
Yesterday in fact we bounced to resistance at 11500/11700 with a high for the day bang in the middle of the range - so shorts here worked perfectly with a quick 1400 pips profit possible. That'll do!
-
Ethereum we should be long at the buying opportunity at 4050/4000 (where I predicted a low for the correction) with stops below 3950.
![Bitcoin: A huge buying opportunity at 54500/54000 [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Digital Currencies/Bitcoin/bitcoin_4.jpg)
Daily analysis
Bitcoin broke support at 62000/61500 & held below 60000 a sell signal targeting 58000/57500, which then broke as predicted for the next target of 56000 (hit over night) & a huge buying opportunity at 54500/54000 today, with stops below 53000. I would be very surprised if this breaks, but if it does over the weekend it is a sell signal targeting 50000.
Hopefully we will buy in to longs in the mid to low 50000's for a bounce to 57000, 60000 & 61500/62000. Bulls need a break above 63000 for a buy signal.
Ripple gains are still likely to be limited at this stage resistance at 11000/11100 & again at 11400/11500. However a break above 11600 is a buy signal.
It is possible we fall a little further to the 200 day moving average at 9950/9920. A low for the day the correction is possible here. Longs need stops below 9700.
Ethereum we are long at 4050/4000 with stops below 3950. A break lower is an important sell signal targeting 3800 then support at 3750/3700. Try longs with stops below 3650.
Our longs target 4150/70 then first resistance at 4300/4330. We should struggle here but shorts are likely to be too risky after the bounce from the huge support at 4050/4000. (if you try, scalp 100 pips & get back in to a long). Be ready to buy a break above 4350 targeting 4400/10 then strong resistance at 4500/4550.
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.
