- 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.