Bitcoin: Longs need stops below 53300
Bitcoin dipped to 55900, holding just above support at 53600/500 as we hit the next target of 58500 & resistance at 59400/600 this morning as predicted.
Ripple we are long at strong support at 10800/10700. This trade worked perfectly as we hit 11450, hopefully on the way to minor resistance at 12000/12100.
Ethereum we are long at 3500/3450 with a nice profit on the bounce to 3550/3600, 3700 & now the next target of 3830/50.
Daily analysis
Bitcoin tests resistance at 59400/600 as predicted for profit taking perhaps, but shorts are too risky. A break above 59700 is our next buy signal targeting 60500/700 then 61600/800. Above here look for a retest of the all time high at 64600/900.
Downside is expected to be limited with support at 57900/600. Longs need stops below 56700. A buying opportunity at 54000/500. Longs need stops below 53300.
Ripple struggles at 11450 but should eventually test minor resistance at 12000/12100. A break above the high for the bounce at 12290 targets 12970/12980. Above 13000 look for 13400/500.
Strong support at 10800/10700. Longs need stops below 10300. A break below here targets 9700/9600.
Ethereum longs at 3500/3450 worked perfectly on the bounce to 3550/3600, 3700 & now the next target of 3830/50. There is important trend line resistance right here at 3870/3900. Bulls need to clear the September high at 4000/4030 for the next buy signal and it could be a straight run to the all time high at 4355/85.
First support at 3690/50. Second support at 3450/3400.
Chart
Author
Jason Sen
DayTradeIdeas.co.uk
