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Cryptocurrency Update

By Jason SenCryptocurrencyJul 30, 2021 03:29AM ET
www.investing.com/analysis/cryptocurrency-update-200594818
Cryptocurrency Update
By Jason Sen   |  Jul 30, 2021 03:29AM ET
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Bitcoin bottomed holding 500 pips from first resistance at 41500/42500, where a high for the day was expected.

Ripple we wrote: Expect strong resistance at 7670/7700.

As I write we topped at 7660. In severely overbought conditions I now think the bear trend will resume.

Ethereum has hit strong resistance at 2460/2500. I favour a move to the downside from here in severely overbought conditions.

Today’s Analysis

Bitcoin beat 34500 for a medium term buy signal initially targeting 36500/37000 and resistance at 41500/42500 where a high for the day was expected. We topped just 500 pips below. A break above 43000 targets 44500/44800.

I favour a move to the downside from resistance at 41500/42500 targeting support at 38200/37800. This should hold the downside initially, certainly throughout the morning. Longs need stops below 37200. A break lower is a sell signal targeting 36500/36000, perhaps as far as 35000 and 34500. Expect support at 32500/32000 but longs here could be risky in the bear trend.

Ripple is holding strong resistance at 7670/7700 to target 7300. Further losses test first support at 7100/7050 but longs could be risky. A break lower targets 6890, perhaps as far as minor support at 6730/00.

Expect strong resistance at 7670/7700. Bulls need to clear this for a medium term buy signal, initially targeting 8500/8700.

Ethereum just topped exactly at strong resistance at 2460/2500. A break higher today is a buy signal initially targeting 2700/2750.

Shorts at 2460/25 initially target 2300/2270. Further losses are certainly possible to 2220/00. A break below here is a sell signal targeting 2100/2050. This is the last line of defence for bulls – if this does not hold they have no chance of building a recovery.

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.

Cryptocurrency Update
 

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Cryptocurrency Update

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Comments (2)
Atif Zaman
Atif Zaman Jul 30, 2021 7:23PM ET
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You are awesome 💕
وزير تعليم
وزير تعليم Jul 30, 2021 4:31AM ET
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can I tell me the best coin it is win every day 🥰
AKATOR MALWINE
AKATOR MALWINE Jul 30, 2021 4:31AM ET
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the best coin to money everyday
 
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