Bitcoin shorts at strong resistance at 44100/400 target 42000/41800
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Bitcoin could not beat the 100 day moving average at 45000 to keep the bears in control for now with shorts at strong resistance at 44100/400 working perfectly on the slide as far as support at 40800/400.
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Ripple shorts at strong resistance at 8000/8100 certainly worked perfectly this week, with a high for the week here & a slide to support at 7300/7280 for profit taking today.
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Ethereum we wrote: Shorts at 3025/55 target minor support at 2870/40 & perhaps as far as 2750/2700 before the weekend.
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Targets all hit on the upside & downside so far this week.
Daily analysis
Bitcoin shorts at strong resistance at 44100/400 target 42000/41800 (hit) & now support at 40800/400 for profit taking. Longs could be risky in the bear trend, but if you try, stop below 40000 (& look for a target of 42800). However if we continue lower look for 39300/200 & 38000/37700.
Minor resistance at 42700/900 then strong resistance at 44100/400. Shorts need stops above 45000 & a break above the February high at 45800 would therefore be a strong buy signal with another 1000 pips gain easily possible.
Ripple shorts at strong resistance at 8000/8100 work perfectly on the slide as far as support at 7300/7280 for some profit-taking. Below here can target 7090/70, perhaps as far as support at 6890/6870.
Gains are likely to be limited in the bear trend with resistance at 7600/7700 & again at 8000/8100. Shorts need stops above 8200 for a buy signal initially targeting 8400, 8500 & perhaps as far as the 2 week high at 8600.
Ethereum shorts at at 3025/55 worked perfectly targeting minor support at 2870/40 & as far as 2750/2700 before the weekend for some profit taking. However further losses look likely eventually to strong support from 2660 down to 2560 which should now hold the downside again.
Gains are likely to be limited in the bear trend with resistance at 2790/2810 & again at resistance at 3025/55 with a high for the day exactly here. A break above 3100 retests the February high at 3200/3280.
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.
