• Bitcoin collapsed as far as 33000, very close to the 100 week MA at 32000/31500. Clearly, there were aggressive buyers waiting with a 4500 pip bounce, hitting the target 37600/800. A high for the day exactly here in fact.

  • Ripple broke the rising 500-day moving average for a clear sell signal & crashed another 200 pips.

  • Ethereum broke important support at 3050/3000 & the January low at just above 2900 for a very significant sell signal, with 50% losses so far.

 

Daily analysis

Bitcoin bulls defend the 100 week MA at 32000/31500...for now leaving a bullish candle on the bounce to 37600/800. I would be surprised to see further gains but look for strong resistance at the 500-day moving average at 40100/40200. It is only above 41500 that I can feel more positive although we still have strong resistance at 41400/500.

Obviously key support at 33000/31500 now. Longs need stops below 31000. A break lower targets 29000/28500. This is the last line of defense for bulls as a break lower could wipe off another 10,000.

Ripple has crashed as expected hitting 5400. We have bounced to the 100 weeks moving average at 5900/6000 & are actually holding just above here. This gives bulls some hope although I do not think we will hold above here for too long. First resistance at 6560/90 not quite reached yet. Unlikely but further gains meet a sell opportunity at 7250/7350. Stop above 7500. A break higher is a nice medium-term buy signal. Buy & hold!!

Ethereum has crashed as far as the 500 days moving average at 2300/2250 & an overrun to 2150. This is the only support of any importance now. First resistance at 2550/80. Above 2600 however, allows a recovery to strong resistance at 2790/2820.

A break below 2150 is obviously a significant setback for bulls, to say the least - targets are 2200/2170 & 1950/1900.

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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