Bitcoin still holding first resistance at 43500/44000 which keeps pressure to the downside.

Ripple still holding first resistance at 9800/9900 in what appears to be a negative bear flag pattern.

Ethereum saw a high for the day exactly at first resistance at 3130/60 so shorts here are the perfectly trade.

Daily analysis

Bitcoin holding first resistance at 43500/44000 in recent days (in what I think is a developing bear trend) re-targets 42000/41500. This has been hit now & is holding but pressure remains to the downside. A break below 39500 then targets 37300/37000. I would not rule out 34500/300 and even more losses in to October.

Bulls need a break above 45000 to test resistance at 47000/47500. Shorts need stops above 48000 for a medium term buy signal.

Ripple holding first resistance at 9800/9900 eventually targets best support again at 8600/8550. A break below 8500 is a sell signal targeting 8000/7950 & 7600.

Bulls need a break above 10000 to test strong resistance at 10250/10350. A break higher can target strong resistance at 10710/10780. Shorts need stops above 11000.

Ethereum holding first resistance at 3130/60. Shorts need stops above 3250. A break higher targets 3300/3320 & resistance at 3400/3450. Shorts need stops above 3500.

Shorts at at 3130/60 target minor support at 2960/50 (hit this morning). Best support at 2700/2600 for profit taking on any remaining shorts. Longs need stops below 2500. A break below here is an important medium term sell signal, initially targeting 2440 then 2250/2220.

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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