Bitcoin bottomed holding 500 pips from first resistance at 41500/42500, where a high for the day was expected.

Ripple we wrote: Expect strong resistance at 7670/7700.

As I write we topped at 7660. In severely overbought conditions I now think the bear trend will resume.

Ethereum has hit strong resistance at 2460/2500. I favour a move to the downside from here in severely overbought conditions.

Daily analysis

Bitcoin beat 34500 for a medium term buy signal initially targeting 36500/37000 & resistance at 41500/42500 where a high for the day was expected. We topped just 500 pips below. A break above 43000 targets 44500/44800.

I favour a move to the downside from resistance at 41500/42500 targeting support at 38200/37800. This should hold the downside initially, certainly throughout the morning. Longs need stops below 37200. A break lower is a sell signal targeting 36500/36000, perhaps as far as 35000 & 34500. Expect support at 32500/32000 but longs here could be risky in the bear trend.

Ripple is holding strong resistance at 7670/7700 to target 7300. Further losses test first support at 7100/7050 but longs could be risky. A break lower targets 6890, perhaps as far as minor support at 6730/00.

Expect strong resistance at 7670/7700. Bulls need to clear this for a medium term buy signal, initially targeting 8500/8700.

Ethereum just topped exactly at strong resistance at 2460/2500. A break higher today is a buy signal initially targeting 2700/2750.

Shorts at 2460/25 initially target 2300/2270. Further losses are certainly possible to 2220/00. A break below here is a sell signal targeting 2100/2050. This is the last line of defence for bulls – if this does not hold they have no chance of building a recovery.

Chart

ETH

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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