- Bitcoin broke lower at last as expected finally hitting my targets of 28500/450 and 27960.
- Ripple holding below minor resistance at 4100/4200 in the bear trend targets 3900/800 (hit) and well on the way to 3350/3300 now.
- Ethereum we wrote: hovering above the May low at 1705/00 for 2 weeks, but the descending triangle suggests a break lower sooner rather than later. At LAST! Finally we break lower as predicted—another important sell signal. Losses could accelerate to the downside. We could hit 1300 very quickly. 1130/00 not out of the question eventually.
Today's Analysis
Bitcoin collapsed again back to 29500, 29000, 28800, 28500/450 and 27960 as I write (at last). We had to be patient, but we should continue lower (probably quite quickly after such a long period of consolidation) to eventually retest the crash low of 25390.
I do not see this holding and I expect a test of the 200 week moving average at 22250/150. If this does not hold over the summer (although it is likely to initially), it is goodnight crypto— last one out put the chairs on the table!
Gains are likely to be limited of course with first resistance at 28150/250. Strong resistance at 28800/900. I cannot see prices any higher at this stage.
Ripple was holding below minor resistance at 4100/4200 in the bear trend as we look for my targets of 3900/800 and 3350/3300. Further losses are expected to 3200, 3000, and eventually 2500. I cannot see prices above 3900/4000 at this stage.
Ethereum continues lower as predicted with another important sell signal as losses accelerate to the downside initially targeting 1300. 1130/00 not out of the question eventually. Obviously strong resistance at 1700/1720, although a retest looks unlikely now—we must surely have been hitting stops over the weekend.