Bitcoin: Holding second resistance at 39400/450 targets 38000/37800
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Bitcoin doing very little after holding 300 pips above my next target of 34000.
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Ripple trying a break above 7270/7370 for a buy signal targeting 7740/7800.
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Ethereum tests resistance at 2790/2810. Shorts need stops above 2870. A break higher is a buy signal.
Daily analysis
Bitcoin beat first resistance at 36300/400 to test second resistance at 39400/450 but struggling here. Bulls need a break above 40000 to target the 500 day moving average at 42000/200. Unlikely but if we continue higher look for strong resistance at 44100/400.
Holding second resistance at 39400/450 targets 38000/37800. If we continue lower look for 36400/36000 & probably as far as 34400/34000. Do not be surprised to see a test of very strong support at 100 week moving average at 33000/800 (today's value).
Ripple unexpectedly beat strong resistance at 7270/7370 for a buy signal targeting 7740/7800. If we continue higher look for quite strong resistance at 8000/8100. Shorts need stops above 8200 for a buy signal.
Minor support at 7300/7280 but below here can target targets 7090/70, perhaps as far as support at 6890/6870.
Ethereum runs as far as resistance at 2790/2810. A high for the weekend possible here but shorts need stops above 2870. A break higher is a buy signal targeting 2900/2920 & probably resistance at 3025/55.
Strong support from 2660 down to 2560 should now hold the downside.
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.
