• Bitcoin lower to 36400/36000 as expected but held 300 pips above my next target of 34000.

  • Ripple made a low for the day almost exactly at very important 100-week moving average support at 6190/6160. If you were very brave & bought into longs at 6190/6160, worked perfectly hitting targets of 6660/90 & 6900 for profit-taking.

  • Ethereum broke the 500 day moving average at 2450/2400 for a sell signal but unexpectedly reversed from 2300.

Daily analysis

Bitcoin beat first resistance at 36300/400 to test second resistance at 39400/450. Bulls need a break above 40000 this weekend to target the 500-day moving average at 41900/42000. Unlikely but if we continue higher look for strong resistance at 44100/400.

Holding second resistance at 39400/450 targets 38000/37800. If we continue lower look for 36400/36000 & probably as far as 34400/34000. Do not be surprised to see a test of very strong support at 100 week moving average at 33000/800 (today's value).

Ripple made a low for the day almost exactly at very important 100-week moving average support at 6190/6160. If you were very brave & bought in to longs at 6190/6160, worked perfectly hitting targets of 6660/90 & 6900 for profit-taking. However we continue higher to 7219. EXPECT VERY STRONG RESISTANCE AT 7270/7370. Shorts need stops above 7450. A break higher is a buy signal targeting 7740/7800.

Holding below 6900 is more negative over the weekend & risks a slide to 6600 before a retest of very important 100 week moving average support at 6190/6160. Longs need stops below 6100. A break lower quickly targets 5800.

Ethereum made a bounce from 100 pips below the big support level & bulls unexpectedly have held prices above 2500 now to regain control. Minor resistance at 2670/90. A break above 2750 signals further gains to 2800, perhaps as far as resistance at 2790/2810. A high for the weekend possible here.

Support at the 500 day moving average at 2450/2400. A break below 2300 can retest the January low at 2160/55. I would not rely on this holding the downside & if we continue lower look for a test of very strong support at 1900/1850. Longs need stops below 1750. If this breaks there is likely to be another very significant move to the downside.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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