Bitcoin breaks strong support at 62000/61500 which is a major problem for bulls. A break below 60000 is an important medium sell signal (and I think this will happen).
Ripple may have decided where we are going after the bearish engulfing candle on Wednesday last week. Finally we are seeing follow through to the downside.
Ethereum sees a delayed reaction after the bearish engulfing candle. WE HAVE AN IMPORTANT SELL SIGNAL.
Today's Analysis
Bitcoin outlook is a lot more negative as we break support at 62000/61500. A break below 60000 is an important sell signal targeting 58000/57500 but I doubt this will hold on the next test. Further losses are likely to target 56000 and a buying opportunity at 54500/54000, with stops below 53000.
We now have a big resistance band at 62000/64000. I can't see prices recovering above here. If I am wrong, we have a buy signal on a break above 64500.
Ripple just collapsed overnight to break last week's low at 11200. The last line of defense for bulls is the 100 day moving average at 11100. I would not bet on a bounce from here myself. A break below 11000 is an important sell signal in the medium term targeting 10750/10700 but I can easily see 9999 hit eventually.
Gains are likely to be limited with resistance at 11600/11700.
Ethereum's oversold support at 4550/4500 was an important sell signal targeting 4350/30. The break below here is a more serious sell signal this morning initially targeting 4170/50 but 4050/4000 is certainly possible.
Bulls require a very quick recovery above 4360 to rescue the bull trend. However, we meet very strong resistance at 4510/30.
