Bitcoin outlook is more positive: Strong support at 62000/61500
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Bitcoin dipped to strong support at 62000/61500 with a bounce 250 ticks above.
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Ripple has stabilised after the bearish engulfing candle on Wednesday. We held first support at 12100/12050 for a more positive outlook this week.
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Ethereum consolidates after the bearish engulfing candle so we are trading sideways in what is probably a bull flag.
Daily analysis
Bitcoin outlook is more positive now we have held strong support at 62000/61500. If we can now hold above 64500 we can target 66000/66500 then retest 68000/68500. A break higher is a buy signal.
Best support at 62000/61500. I would try longs with stops below 60000. A break below 59000 is an important sell signal.
Ripple minor resistance at 12050/12100. A break higher targets 12600/12650. We should struggle here initially but a break higher eventually targets 12900/13000. Above here look for 13330/13380 before a retest of the recent high at 13450/13500.
Strong support at 11300/200. A break below 10150 however is a sell signal targeting 10750.
Ethereum minor resistance at 4700/50 this time. Further gains meet strong resistance at 4830/4860. Obviously a break above the all time high puts bulls back in the driving seat over this week initially targeting 4940/50 then 5165/85.
First support at 4550/4500. Longs need stops below 4450. A break lower is an important sell signal for today targeting 4350/30. A low for the day is likely. Longs need stops below 4300. A break below here is a more serious sell signal, initially targeting 4170/50 but 4050/4000 is certainly possible.
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.
