Bitcoin should resume the longer term bear trend now
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Bitcoin made a high for the day exactly at strong resistance at 20300/400 & resumes the bear trend.
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Ripple rocketed back to 50 & 100 day moving averages at 3500/3600. Prices collapsed from exactly this area.
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Ethereum broke first support at 1700/1650 to test support at the 100 day moving average at 1500/1450. This must hold, or we resume the longer term bear trend.
Daily analysis
Bitcoin should resume the longer term bear trend now. Gains are likely to be limited with strong resistance at 20300/400. Further resistance at 20900/21000.
We dipped a little to 19600. Further losses are likely eventually & target 19500/450 then 19150/19000. Eventually a retest of the September low at 18550/500 is likely (& probably the 2022 low at 17588.
Ripple shot higher to 50 & 100 day moving averages at 3500/3600 & collapsed to my target of 3380/70. Further losses are expected now that the longer term bear trend has probably resumed, targeting 3280 (hit yesterday) & 3180/70, probably as far as last week's low at 3130/20. A break below here over the weekend is obviously the next sell signal targeting the 2022 low (so far!) at 2900/2870
First resistance at 3300/3320. Strong resistance again at 3430/80.
Ethereum tests support at the 100 day moving average at 1500/1450. This must hold, or we resume the longer term bear trend. A break below the August low at 1421 targets 1366/56 & 1250.
First resistance at 1540/80. Strong resistance at 1650/1700.
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.
