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Crypto Update

By Jason SenCryptocurrencyAug 20, 2021 05:08AM ET
www.investing.com/analysis/crypto-update-200599461
Crypto Update
By Jason Sen   |  Aug 20, 2021 05:08AM ET
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Bitcoin bottomed exactly at best support for this week at 43900/600. Longs worked perfectly on the bounce to 47000 this morning.

Ripple staging a choppy recovery through resistance at 11850/12000 to the next target of 12450/12500.

Ethereum longs at our buying opportunity at 2970/50 worked and we bottomed exactly here this morning again.

Today’s Analysis

Bitcoin longs at 43900/600 target 45000/300 and minor resistance at 46150/450.

Above 47000 can retest 48190. Further gains eventually target 49400/500 then 50500/51000.

Best support at 43900/600. Longs need stops below 42900. A break lower is a sell signal targeting 41000/40500 and 39500, probably as far as 38000.

Ripple through resistance at 11850/12000 to target 12450/12500 before a retest of 13450/490. A break higher targets 13615, 14410, 14540 and 14660.

First support at 11540/510. Further losses target 10850 before strong support at 10350/10100. A break below 10000 risks a slide to 9350/9300.

Ethereum longs at our buying opportunity at 2970/50 worked perfectly as we bounce to minor resistance at 3180/3210 for some profit taking. A break higher retests 3325/35. Above 3350 targets 3400 and above here is a buy signal initially targeting 3580/3600.

A buying opportunity at 2970/50. Longs need stops below 2900. A break lower us a sell signal targeting 2850 then strong support at 2750/2700 for profit taking on shorts.

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 realised. 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.

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