Bitcoin unexpectedly crashed back below support at 50500/50000 & our buying opportunity at 46400/46000.

A surprise 10000 pip crashed (20%) leaves a dramatic bull trap, with longs from the last 20 days potential facing losses.

Ripple unexpectedly crashed back to 2 week lows wiping out 40% of the 6 week gains.

Ethereum unexpectedly crashed back to 4 week lows wiping out 40% of the 6 week gains.

Daily analysis

Bitcoin massive bearish engulfing candle on the daily & weekly chart signal further potential losses. A classic bull trap. Holding below 47500/47000 targets 46000. Holding below the 200 day moving average at 46000 today is more negative targeting 45300/100, perhaps as far as 44300/44000. Further losses retest yesterday’s low at 43000/42900 but I would not gamble on this holding again today. A break lower targets only minor support at 41500/100. A break below 40000 is the next sell signal.

Holding above the 200 day moving average at 46000 gives some short term hope to bulls but there are likely to be a lot of longs in shock looking for an exit to minimise losses. First resistance at 47200/400. We should struggle to beat this level but further gains meet resistance at 49000/500.

Ripple also has an important bearish engulfing candle (although less severe than Bitcoin). Longs from the last week potential facing losses. Holding below 11170/11340 risks a retest of yesterday’s low at 10550/10250. There is a good chance this will not hold today. Further losses target 9700/9650. If we continue lower look for 9050/30, perhaps as far as strong support at 8600/8550.

Bulls need prices above 11750 but expect strong resistance at 12000/12100 & again at 12550/12650.

Ethereum first resistance at 3480/3500. Holding here tests first support at 3410/00. Below 3350/20 signals further losses to 3270/50, perhaps as far as second support at 3150/3050. A break below 3000 should be a sell signal initially targeting 2890/50. Expect strong support at 2650/2600 but longs need stops below 2500. 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bank of America bullish comments on metaverse push Axie Infinity and Sandbox closer to breakout

Bank of America's strategist made bullish remarks about the metaverse, triggering a spike in interest in Axie Infinity and Sandbox tokens. The rices of the two metaverse tokens continue climbing with increased interest from investors. 

More Axie Infinity News

Polkadot price ready to breakout after DOT forms double bottom

Polkadot price began turning around and moving higher on November 28. It is currently resting on support after a brief pull-back, with the potential for using this floor as a launchpad higher. A resumption of the bullish impulse will provide fresh confirmation for the new uptrend.

More Polkadot News

Bitcoin Weekly Forecast: The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

More Bitcoin News

Berkshire Hathaway’s Charlie Munger wants US to ban cryptos like China

Charlie Munger considers cryptocurrencies bad for people and backs China on its cryptocurrency ban.In his previous interviews, Munger has shed light on the concept of “speculative excess” and “asymmetry of wealth.” 

More Cryptocurrencies News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP