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Bitcoin Bulls Need A Break Above $40000 To Target The 500-DMA At $41900/$42000

By Jason SenCryptocurrencyFeb 25, 2022 05:26AM ET
www.investing.com/analysis/bitcoin-bulls-need-a-break-above-40000-to-target-the-500dma-at-4190042000-200618762
Bitcoin Bulls Need A Break Above $40000 To Target The 500-DMA At $41900/$42000
By Jason Sen   |  Feb 25, 2022 05:26AM ET
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  • Bitcoin lower to $36400/$36000 as expected but held 300 pips above my next target of $34000.
  • Ripple made a low for the day almost exactly at very important 100 week moving average support at $6190/$6160. If you were very brave and bought in to longs at $6190/$6160, worked perfectly hitting targets of $6660/90 and $6900 for profit taking.
  • Ethereum broke the 500 day moving average at $2450/$2400 for a sell signal but unexpectedly reversed from $2300.

Today's Analysis

Bitcoin beat first resistance at $36300/400 to test second resistance at $39400/450. Bulls need a break above $40000 this weekend to target the 500 day moving average at $41900/$42000. Unlikely but if we continue higher look for strong resistance at $44100/400.

Holding second resistance at $39400/450 targets $38000/$37800. If we continue lower look for $36400/$36000 and probably as far as $34400/$34000. Do not be surprised to see a test of very strong support at 100 week moving average at $33000/800 (today's value).

Ripple made a low for the day almost exactly at very important 100 week moving average support at $6190/$6160. If you were very brave and bought in to longs at $6190/$6160, worked perfectly hitting targets of $6660/90 and $6900 for profit taking. However we continue higher to $7219. Expect very strong resistance at $7270/$7370. Shorts need stops above $7450. A break higher is a buy signal targeting $7740/$7800.

Holding below $6900 is more negative over the weekend and risks a slide to $6600 before a retest of very important 100 week moving average support at $6190/$6160. Longs need stops below $6100. A break lower quickly targets $5800.

Ethereum made a bounce from 100 pips below the big support level and bulls unexpectedly have held prices above $2500 now to regain control. Minor resistance at $2670/90. A break above $2750 signals further gains to $2800, perhaps as far as resistance at $2790/$2810. A high for the weekend possible here.

Support at the 500 day moving average at $2450/$2400. A break below $2300 can retest the January low at $2160/55. I would not rely on this holding the downside and if we continue lower look for a test of very strong support at $1900/$1850. Longs need stops below $1750. If this breaks there is likely to be another very significant move to the downside.

Bitcoin Bulls Need A Break Above $40000 To Target The 500-DMA At $41900/$42000
 

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Bitcoin Bulls Need A Break Above $40000 To Target The 500-DMA At $41900/$42000

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Zee MrBex
Zee MrBex Feb 27, 2022 2:17AM ET
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