Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Bitcoin: A Break Below $39000 Is Another Important Sell Signal

By Jason SenCryptocurrencyJan 14, 2022 05:32AM ET
www.investing.com/analysis/bitcoin-a-break-below-39000-is-another-important-sell-signal-200614752
Bitcoin: A Break Below $39000 Is Another Important Sell Signal
By Jason Sen   |  Jan 14, 2022 05:32AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
  • Bitcoin bounce from 400 pips above the only support for this week at the 500-day moving average at $39200/$390000 reaches as far as strong resistance at $44200/$44400 with a high for the day exactly here.

  • Ripple retesting & holding the 500-day moving average at $7300/$7250 although we overran as far as $6966. The bounce reached strong resistance at $8071/$8200 with a high for the day exactly here.

  • Ethereum longs at mega important support at $3050/$3000 work on the bounce to strong resistance at $3350/$3400 for profit-taking.

Today's Analysis

Bitcoin holding important support at the 500 day moving average at $39200/$39000 to hit strong resistance at $44200/$44400. A high for the day here as we dip back to minor support at $42500 (and holding here too as I write) - below $42000 risks a retest of the 500 day moving average at $39600/$39400. A break below $39000 this time (I think it will happen eventually) is another important sell signal initially targeting $37800/$37750 and $36500/$36000. Below $36000 can take prices as far as $31000.

A break above $44500 however targets $46500/$47000, perhaps as far as very strong resistance at $48500/$49000. Shorts need stops above 50000.

Ripple (XRP/USD) reached strong resistance at $8071/$8200 and guess where the high for the day was? Minor support at $7750/$7700 tested now as I write. Further losses retest important support at $7350/$7300. A break below this week's low at 6966 is the next sell signal initially targeting $6450/$6400, perhaps as far as 5840/5800.

Holding minor support at $7750/$7700 allows a retest of strong resistance at $8071/$8200. A break above $8300 is a short-term buy signal initially targeting $8600.

Ethereum (ETH/USD) longs at mega important support at $3050/$3000 work to the bounce to strong resistance at $3350/$3400 for profit-taking - a high for the day exactly here. A break higher however targets 3500/3550.

Important support at $3050/$3000 - stop below $2900. However, a break lower is a very significant sell signal.

Bitcoin: A Break Below $39000 Is Another Important Sell Signal
 

Related Articles

Candy Matheson
COIN: From Riches To Rags By Candy Matheson - Jan 28, 2022 1

Qustion: Why would anyone invest in a broker's stock that is trading well below its IPO price? "Coinbase (NASDAQ:COIN) is an American company that operates a cryptocurrency...

Bitcoin: A Break Below $39000 Is Another Important Sell Signal

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Ahmed Kareem
Ahmed Kareem Jan 14, 2022 12:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Bitcoin is enjoying some respite along with other risky assets and has recovered $44,000, after a few days of briefly dropping below $40,000. This quick 10% bounce is nothing by Bitcoin standards, and if it can break $45,500, we could see another sharp move higher as the belief begins to grow that the worst defeat is behind it, but unfortunately it's not over $45,500 It looks like a shaky recovery at the moment, but if this resistance breaks that could change that.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email