Bitcoin: Minor support at 52500/52000
Bitcoin beat resistance at the September high at 52950 targeting 54700/900 & 55300/500. Targets hit!!!
Ripple still holding strong resistance at 10710/10780!!!! This is obviously key to direction.
Ethereum edging slowly above minor resistance at 3400/3450.
Daily analysis
Bitcoin hit the next target of 55300/500. Further gains are possible today as far as 57000, 58500 & perhaps as far as resistance at 59400/600 in to next week.
Downside is expected to be limited. Minor support at 52500/52000. Strong support at 50000/49500. Longs need stops below 49000. A break below here is a medium term sell signal.
Ripple holding strong resistance at 10710/10780 targets 9900/9800. Expect support at 9600/9500. A break lower tests the 100 day moving average at 9000/8950. A break below 8900 is a medium term sell signal.
We are holding strong resistance at 10710/10780. Shorts need stops above 11000. A break higher is a buy signal targeting 11400 & probably as far as minor resistance at 12000/12100. We should pause here but shorts are probably too risky.
Ethereum beats minor resistance at 3400/3450 for the next target 3550/3600 & eventually 3700. (nearly there hitting 3660). 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. A break below 3400 however risks a slide to strong support at 3170/3150.
Chart
Author
Jason Sen
DayTradeIdeas.co.uk
