Bitcoin: Outlook remains positive
Bitcoin tested first support at 44400/300 but over ran by 500 pips before the expected bounce. Outlook remains positive.
Ripple dipped further than expected, breaking first support at 9600/9500 before a bounce from 9220.
Ethereum edges higher to 3276 as we look for a test of minor resistance at 3350/80.
Daily analysis
Bitcoin topped exactly at the next target of 46750/770. Further gains eventually target 49400/500 then 50500/51000.
Bulls in control so downside is expected to be limited. First support at 44400/300. Best support at 43000/42600. Longs need stops below 42000. A break lower risks a slide to 40400/40000.
Ripple rocketed from support at 7650/7550 this week with all targets as far as 9650/9700 hit before we reached 10900. Bulls remain in control so downside is expected to be limited with first support at 9550/94050. Longs need stops below 9350. A buying opportunity at 8700/8600, stop below 8500.
With bulls in control, a break above 10900 targets 11530 then resistance at 12540-12610.
Ethereum higher from good support at 2850/2800 back up to 3276 as we look for a test of minor resistance at 3350/80. A break above 3400 is a buy signal initially targeting 3580/3600.
First support at 3050/20. Strong support at 2900/2880. Longs need stops below 2850.
Chart
Author
Jason Sen
DayTradeIdeas.co.uk
