Bitcoin: Strong support at 50900/800
Bitcoin beat 55300/500 in the bull trend as the a bull flag pattern completed & we hit the next target of57000, then held half way to 58500.
Ripple broke minor support at 14050/113400 to test strong support at 10800/10700. Longs need stops below 10300.
Ethereum edging slowly above minor resistance at 3400/3450 so this is now as support level.
Daily analysis
Bitcoin hit the next target of 55300/500 & 57000 as we look for 58500 & perhaps as far as resistance at 59400/600 in to the end of the week.
Downside is expected to be limited with support at 53600/500. Longs need stops below 53400. Strong support at 50900/800. Longs need stops below 49500.
Ripple has paused at minor resistance at 12000/12100 as predicted but broke minor support at 14050/113400 to test strong support at 10800/10700. Longs need stops below 10300. A break below here targets 9700/9600.
We are holding minor resistance at 12000/12100. A break above the high for the bounce at 12290 this week targets 12970/12980. Above 13000 look for 13400/500.
Ethereum beats minor resistance at 3400/3450 for the next target 3550/3600 & to just 25 pips from 3700. On further gains look for 3830/50 before a retest of the September high at 4000/4030
Outlook positive as long as we hold first support at 3500/3450 (although we spike down to 3375 yesterday before a quick recovery. A break below 3350 however risks a slide to strong support at 3170/3150. Try longs with stops below 3100.
Chart
Author
Jason Sen
DayTradeIdeas.co.uk
