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Bitcoin lower as predicted as we look for a huge buying opportunity at $54,500/$54,000.
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Ripple crashed through the 100 day moving average at 1.1100 as predicted for an important sell signal in the medium term with huge profits on our shorts as we crash to 1.0155. However the downside is likely to be more limited now so running shorts much further is risky. Bag the cash!
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Yesterday in fact we bounced to resistance at 1.1500/1.1700 with a high for the day bang in the middle of the range - so shorts here worked perfectly with a quick 1400 pips profit possible. That'll do!
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Ethereum we should be long at the buying opportunity at $4,050/$4,000 (where I predicted a low for the correction) with stops below $3,950.
Today's Analysis
Bitcoin broke support at $62,000/$61,500 and held below $60,000 a sell signal targeting $58,000/$57,500, which then broke as predicted for the next target of $56,000 (hit over night) and a huge buying opportunity at $54,500/$54,000 today, with stops below $53,000. I would be very surprised if this breaks, but if it does over the weekend it is a sell signal targeting $50,000.
Hopefully we will buy in to longs in the mid to low $50,000's for a bounce to $57,000, $60,000 and $61,500/$62,000. Bulls need a break above $63,000 for a buy signal.
Ripple gains are still likely to be limited at this stage resistance at 1.1000/1.1100 and again at 1.1400/1.1500. However a break above 11600 is a buy signal.
It is possible we fall a little further to the 200 day moving average at 0.9950/0.9920. A low for the day the correction is possible here. Longs need stops below 9700.
Ethereum we are long at $4,050/$4,000 with stops below 3950. A break lower is an important sell signal targeting $3,800 then support at $3,750/$3,700. Try longs with stops below $3,650.
Our longs target $4,150/70 then first resistance at $4,300/$4,330. We should struggle here but shorts are likely to be too risky after the bounce from the huge support at $4,050/$4,000. (if you try, scalp 100 pips and get back in to a long). Be ready to buy a break above $4,350 targeting $4,400/10 then strong resistance at $4,500/$4,550.