Bitcoin reversed a fraction from first resistance at 47000/47500 & immediately collapsed back to 43400. Clearly there are aggressive sellers out there when we see strength.

Ripple stable & holding first resistance at 11170/11340 to keep the outlook negative.

Ethereum holding first resistance at 3480/3500 which keeps the outlook negative at this stage.

Daily analysis

Bitcoin same levels apply for today as we hold first resistance at 47000/47500 & establish a range below the 200 day moving average at 46000. So far we bottomed exactly at the 44300/44000 target but outlook remains negative. Further losses retest this week’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.

The minimum bulls require is for prices to hold above the 200 day moving average at 46000. Strong resistance again at 47000/47500. Shorts need stops above 48000. Only above here is more positive going forward.

Ripple holding below 11170/11340 retests Tuesday’s low at 10550/10250. Although we bottomed exactly here I favour a break to the downside eventually. Further losses target 9700/9650. If we continue lower look for 9050/30, perhaps as far as strong support at 8600/8550.

First resistance at 11170/11340 with strong resistance at 11650/11950. Bulls need prices to hold above 12000 for a more positive outlook for ne, initially targeting 12550/12650.

Ethereum holding below short term moving averages at 3350/3400 signal a retest of support at 3150/3050. In fact this was hit yesterday & we bottomed exactly here. 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.

Bulls require prices to break & hold above 3500 for a more positive outlook initially targeting 3650/3700, perhaps as far as 3810/20 before a retest of last week’s high at 4010/30. 



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

Shiba Inu bulls can't hold SHIB from dropping to $0.000006

Shiba Inu price has fallen -28% over the past four trading sessions. Bears remain in control as bulls fail to complete a breakout above $0.000008. Bulls must hold $0.000007 to prevent a drop towards $0.000006.

More Shiba Inu News

Solana price could reach $175 after SOL's recent rebound

Solana price bounced off a significant Fibonacci level. Bulls ramped up price action with 18% of profits. Another leg higher will hold 20% of additional profits for bulls if they can clear $150 in Solana price action.

More Solana News

Elrond forms bull trap anticipating 25% downturn

Elrond price is clawing back, paring some losses from the previous day. Bulls are getting rejected at $208. More downturns to come as a bull trap looks to be forming.

More Elrond News

Alts rebound while BTC tends to its wounds

BTC closes above the August 1 swing high at $42,599, indicating the end of descent for now. ETH shows signs of life after a close above $3,011 support floor. XRP needs to climb above the $1.01 demand barrier to enter the safe zone.

More Cryptocurrencies News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast