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
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.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.