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Bitcoin: First support at 48000/47500

Bitcoin: First support at 48000/47500
Jason SenJason SenDayTradeIdeas.co.uk

Bitcoin bottomed exactly at best support for this week at 43900/600. Longs worked perfectly on the bounce to targets of 48190, 49400/500 & the only resistance of any important this week is at 50500/51000.

We topped exactly here so obviously this remains key to direction.

Ripple targets 12450/12500 before a retest of 13450/490.

Ethereum in a consolidation sideways range from 3150/3100 up to 3350/3400.

Daily analysis

Bitcoin longs at 43900/600 worked perfectly on the bounce to the only resistance of any important this week is at 50500/51000. A break above 51500 opens the door to 52900/53000 & 56700/750.

First support at 48000/47500, better support at 45700/200. Longs need stops below 44800.

Ripple through resistance at 11850/12000 to target 12450/12500 before a retest of 13450/490. A break higher targets 13615, 14410, 14540 & 14660.

First support at 12100/12090, second support at 11550/000.

Ethereum holding minor support at 3270 retests 3350/3400. A break higher is a buy signal initially targeting 3580/3600.

Second support at 3150/3100. Next target & support at 3000/2970. Longs need stops below 2940.

Chart

ETH

Author

Jason Sen

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.

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