Bitcoin: Gains are likely to be limited in the bear trend [Video]
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Bitcoin could not beat the 100-day moving average at 45000 to keep the bears in control for now with shorts at strong resistance at 44100/400 working perfectly on the slide as far as support at 40800/400.
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We are edging lower to 38000/37700 now as I write on Sunday - further losses are expected in the bear trend of course to 36500/400
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Ripple mostly sideways in recent days.
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Ethereum we wrote: Shorts at 3025/55 target minor support at 2870/40 & perhaps as far as 2750/2700 before the weekend.
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Targets all hit on the upside & downside so far this week.
![Bitcoin: Gains are likely to be limited in the bear trend [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Digital Currencies/Bitcoin/Bitcoin_2.jpg)
Daily analysis
Bitcoin breaks support at 40800/400 for profit-taking. Longs could be risky in the bear trend, but if you try, stop below 40000 (& look for a target of 42800). However, if we continue lower look for 39300/200 & 38000/37700, eventually as far as 33300/31100.
Gains are likely to be limited in the bear trend with minor resistance at 42300/500 then strong resistance at 44000/200. Shorts need stops above 45000.
Ripple just holding support at 7300/7280 but below here can target 7090/70, perhaps as far as support at 6890/6870. On further losses in the bear trend look for 6730/6690.
Minor resistance at 7550/7650. Strong resistance at 7800/7850 should be the best sell opportunity of the week.
Ethereum shorts at 3025/55 worked perfectly targeting minor support at 2870/40 & as far as 2750/2700 before the weekend for some profit-taking. However further losses look likely eventually to strong support from 2660 down to 2560 which did hold the downside again as I write on Sunday. A break lower eventually however does look likely to the 500 day moving average at 2490/80. WE HAVE NOT HAD A DAILY CLOSE BELOW THE 500 DMA FOR ALMOST 2 YEARS. If this happens now it would be an important sell signal.
Gains are likely to be limited in the bear trend with resistance at 2790/2810 & again at resistance at 3025/55 with a high for the day exactly here. A break above 3100 retests the February high at 3200/3280.
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.
