Bitcoin could not beat the 100-day moving average at 45000 to keep the bears in control for now with shorts at strong resistance at 44100/400 working perfectly on the slide as far as support at 40800/400. We are edging lower to 38000/37700 at time of writing—further losses are expected in the bear trend of course to 36500/400
Ripple mostly sideways in recent days.
Ethereum we wrote: Shorts at 3025/55 target minor support at 2870/40 and perhaps as far as 2750/2700 before the weekend. Targets all hit on the upside and downside so far this week.
Today's Analysis
Bitcoin broke support at 40800/400 for profit-taking. Longs could be risky in the bear trend, but if you try, stop below 40000 (and look for a target of 42800). However, if we continue lower look for 39300/200 and 38000/37700, eventually as far as 33300/31100. Gains are likely to be limited in the bear trend with minor resistance at 42300/500, then strong resistance at 44000/200. Shorts need stops above 45000.
Ripple was just holding support at 7300/7280, but below here can target 7090/70, perhaps as far as support at 6890/6870. On further losses in the bear trend look for 6730/6690. Minor resistance was at 7550/7650. Strong resistance at 7800/7850 should be the best sell opportunity of the week.
Ethereum shorts at 3025/55 worked perfectly targeting minor support at 2870/40 and as far as 2750/2700 before the weekend for some profit-taking. However further losses looked likely, eventually to strong support from 2660 down to 2560 which did hold the downside again as I write on Sunday. A break lower eventually, however, does look likely to the 500 day moving average at 2490/80. WE HAVE NOT HAD A DAILY CLOSE BELOW THE 500 DMA FOR ALMOST 2 YEARS. If this happens now it would be an important sell signal.
Gains are likely to be limited in the bear trend with resistance at 2790/2810 and again at resistance at 3025/55 with a high for the day exactly here. A break above 3100 retests the February high at 3200/3280.
Video Analysis