Bitcoin trying a recovery but failure to beat 64000 keeps the outlook negative & risks the formation of a head & shoulders sell signal. A break below the neckline at 60000 will confirm.

The 100 hour MA is currently at 63000/63500. If this holds a bounce we have the making of a head & shoulders reversal pattern, which will be confirmed with a break below 60000. The weekly candle is looking less than positive. A weekly close 61000 is negative & could in fact signal the mother of all double tops. Seriously. This is very negative.

Ripple remains in a sideways trend holding support at 10700/750 & longs working on the bounce to 11250.

Ethereum made a high for the day exactly at the all time high at 4355/85. The resistance was clearly rejected with prices unchanged on the day as we collapsed to 4010. THIS LEAVES IMPORTANT DOUBLE TOP RISK.

Some video analysis


Daily analysis

Bitcoin shorts at 62500/63000 must stop above 64000. Only above here do I see bulls back in the game. Prices are likely then to push higher towards 65000/500 & then retest the all time high at 66500/67000. A break higher is a buy signal initially targeting 69500/70000.

First support at 60700/500. Longs need stops below 60000. A break below here is a very important sell signal initially targeting 58000. I do not see this as a strong support. A break below here over the weekend is a longer term sell signal initially targeting 57000/56500. I am talking crash conditions because we will be building a huge bull trap. A break below 54000 is the next sell signal.

Ripple longs at first support at 10700/750 re-target 11000, 11400 & 11600. Expect strong resistance at 12020/12100. A break higher can target 11300/11400.

First support at 10700/750. Most important support of the week at 10250/10200. Holding here keeps bulls in control. A break below here is an important sell signal initially targeting less important 9700/9600. On a break below I would expected significant losses. Initially we should target 8600. This may hold on the first test & we could even see a decent bounce. However I would be a seller at resistance on this bounce, expecting the support to break eventually for another significant sell signal.

Ethereum we have a double top sell signal. However we have unexpectedly recovered back above 4000/3980 & can perhaps retest the all time high at 4355/85. A break above here is required to eliminate the double top sell signal risk now & will initially target 4500.

First support at 4000/3980 but longs need stops below 3900. A break lower meets better support at 3770/30. A decent bounce from here is expected, perhaps as far as 3950. Longs need stops below 3670. A break lower is a sell signal targeting 3570/50 the strong support at 3380/40. Longs need stops below 3300. 



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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price prepares for 125% breakout to $0.000089

Shiba Inu (SHIB) has been downtrending within a pattern for almost the whole of November. After hitting the low of the month on Friday, with global markets in panic mode, investors could spot buy opportunities as concerns about the new Covid variant started to ease.

More Shiba Inu News

XRP price collects the liquidity it needs to surge towards $2

A brief technical and on-chain analysis on XRP price. Here, FXStreet's analysts evaluate how Ripple can rebound swiftly and move higher.

More Ripple News

Solana bulls return to the market wanting to push SOL price to new all-time highs

On Friday, Solana (SOL) price saw a 16% swing to the downside as markets got rattled by concerns over a new Covid variant. Investors, however, used the weekend to reassess the situation and quickly bought into SOL price action on Monday as bulls pushed price up to close above the monthly pivot at $185.

More Solana News

Sandbox outperforms with double-digit gains ahead of SAND's Alpha launch

Sandbox, a virtual blockchain network, is dominating the metaverse with its double-digit price gain. Sandbox is offering exclusive NFTs to community participants holding the Alpha Pass.

More Cryptocurrencies News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!