Bitcoin shot higher to 41500/42500 where a high for the day was expected. We topped exactly here throughout the weekend. Shorts worked on the slide to support at 39800/300. Longs here have been stopped below 38500.

The outlook turns negative & we are likely to have resumed the bear trend.

Ripple shorts at strong resistance a little higher today at 7700/7750 worked perfectly. Outlook is negative in the medium term.

Ethereum beat strong resistance at 2460/2500 for a buy signal initially targeting 2700/2750…but we topped exactly here & collapsed to first support at 2550/2500. I doubt this will hold for long.

Daily analysis

Bitcoin breaks support at 39800/300 for a sell signal targeting only minor support at 37500/100. Whilst we may pause here, longs are risky. A break lower looks likely eventually targeting 35950/750 & perhaps as far as 34400/34000.

Gains are likely to be limited with strong resistance at 39400/800. Strong resistance again at 41500/42500.

Ripple shorts at strong resistance at 7700/50 target first support at 7170/7040. Although we bottomed exactly here as I write, a break lower looks likely eventually targeting 6950 & support at 6800/6750.

Expect strong resistance at 7700/7750. Bulls a break above 7800 for a medium term buy signal, initially targeting 8300 & then 8500/8700.

Ethereum tests first support at 2550/2500 but be ready to sell a break below 2450 for 2330/2290 & 2220/00.

Holding first support at 2550/2500 allows a recovery to towards first resistance at 2700/2750. Highly unlikely, but if we continue higher look for 2850 & the June high at 2890/99.

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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