Bitcoin now testing strong resistance at 43300/43500 [Video]
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Bitcoin saw a high for the day exactly at the 500 day moving average at 43300/500. A break higher is a buy signal.
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Ripple we wrote: has just beaten the 500 day moving average at 7980 to turn the outlook more positive.
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We have hit the 8400/8500 target as we look for 8950/9000, perhaps as far as the February high & very strong resistance at 9140/9160.
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Ethereum led the way higher with a bounce from the 500 day moving average at 2540/2500 hitting targets as far as resistance at 3000/3050. A high for the day exactly here yesterday.
![Bitcoin now testing strong resistance at 43300/43500 [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Digital Currencies/Bitcoin/bitcoins-33758372_XtraLarge.jpg)
Daily analysis
Bitcoin now testing strong resistance at 43300/43500. Shorts need stops above 44000. A break higher is a buy signal targeting 46600/800 & perhaps as far as 49000/50000.
Minor support at 40000 has held but below 39500 can target 38000/37700. If we continue lower look for a retest of the March low so far at 37150. Just be aware that below here targets 36500/400, eventually as far as 33300/31100.
Ripple hit the 8400/8500 target but unexpectedly reversed from 8650. Bulls just cannot keep control of this market. Less likely now but if we continue higher look for 8950/9000, perhaps as far as the February high & very strong resistance at 9140/9160.
Strong support at 8000/7900 & again at 7700/7560. A break below 7600 is a sell signal.
Ethereum bounce from the 500 day moving average at 2540/2500 reaches resistance at 3000/3050. A break above 3150 is a medium term buy signal initially targeting 3200/3230...we should struggle to beat this level but a break higher eventually is a strong buy signal. Look for 3500 first target.
Holding resistance at 3000/3050 meets strong support at 2800/2750. A break below 2700 is a sell signal.
Author
Jason Sen
DayTradeIdeas.co.uk
