Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Bitcoin, Ethereum, Ripple Daily Analysis

By Jason SenCryptocurrencyMay 24, 2021 01:23AM ET
www.investing.com/analysis/bitcoin-ethereum-ripple-daily-analysis-200581975
Bitcoin, Ethereum, Ripple Daily Analysis
By Jason Sen   |  May 24, 2021 01:23AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Bitcoin—if you've been following me on social media since May 11, you will know that I predicted the crypto crash, after spotting a 2 month head & shoulders reversal pattern, which completed on May 17 for a clear sell signal.

Ripple crashed to the very important 6 month trend line and 200 day moving average support at 0.7040-0.6558

This is the best chance of an end to the crash.

Ethereum collapsed to retest the 14 month 61.8% Fibonacci support at 1728. In fact, as I write, we bottomed exactly at 1731. Quite incredible how accurate technical analysis can be in crypto markets.

This is the last line of defense for bulls with a potential double bottom buy signal—if you have been waiting for an excellent buying opportunity, then this is worth a gamble.

Analysis

Bitcoin retested the 30066 low, just above my ultimate target for the head & shoulders sell signal at 27500/27000. Although I do not see support at 30000, it is obviously a psychological number—markets can gravitate towards large round numbers.

A double bottom here cannot be ignore, especially when Ripple and Ethereum test very important longer term supports here and now.

Brave bulls can try longs at 31100/30000, but be aware that my ultimate target for the crash was 27500/27000. So save some funds to add to longs here. However longs need stops below 25500. A break lower signals significant further losses are likely. Longs at 31100/30000 can target 33500/34000 and 35500/36000.

First resistance at 37000/38000 is the main challenge for bulls. A break above 38500 signals further gains to 40500/41500.

Ripple crashed to the very important 6 month trend line and 200 day moving average support at 0.7040-0.6558. Brave bulls or longer term investors can try longs with stops below 0.6400.

If prices hold below here then all is lost for the bulls and a further significant correction to the downside looks likely. Initially we can target 0.5100 – 0.4800.

Longs at 0.7040-0.6558 target 0.7500 and 0.8000/8100. A break above 0.8300 signals further gains to 0.8950/0.9000. Expect very strong resistance at 0.9200/9450.

Ethereum tested the important 61.8% Fibonacci support at 1728 for a potential double bottom buy signal. Brave bulls can try longs here and can also average down, buying a little more at the 200 day moving average at 1550.

It is entirely possible that this will be the low for the crash. Longs MUST stop below 1500. A break lower to kills the recovery hopes & risks a slide to to 1300/1250. Although the decline may pause here I do not see this as a strong support level & longs would be extremely risky.

Longs at 1750/1550 initially target 2000/2100. Expect strong resistance at 2300/2400. We could reverse here and a retest of 1750/1550 cannot be ruled out.

Scalpers can try shorts (initially targeting 2200/2100) with stops above 2500. A break above 2500 is far more positive. I see this as a buy signal targeting 2600 and 2750/2800.

Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realized. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.

Bitcoin, Ethereum, Ripple Daily Analysis
 

Related Articles

Jason Sen
Cryptocurreny Update By Jason Sen - Aug 03, 2021

Bitcoin shot higher to 41500/42500 where a high for the day was expected. We topped exactly here throughout the weekend. Shorts worked on the slide to support at 39800/300. Longs...

Bitcoin, Ethereum, Ripple Daily Analysis

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
satish sadavarte
satish sadavarte May 24, 2021 4:21AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
sir, where can I find you on social media
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email