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Cryptocurrency Update

By Jason SenCryptocurrencyOct 13, 2021 05:52AM ET
www.investing.com/analysis/cryptocurrency-update-200604911
Cryptocurrency Update
By Jason Sen   |  Oct 13, 2021 05:52AM ET
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Bitcoin dipped to 55900, holding just above support at 53600/500. Watch this level on weakness again today.

Ripple we are long at strong support at 10800/10700. Longs need stops below 10300.

Ethereum we are long at 3500/3450.

Today’s Analysis

Bitcoin hit the next target of 55300/500 and 57000 as we look for 58500 and perhaps as far as resistance at 59400/600 into the end of the week. Downside is expected to be limited with support at 53600/500. Longs need stops below 53400. Strong support at 50900/800. Longs need stops below 49500.

Ripple has paused at minor resistance at 12000/12100 to test strong support at 10800/10700. Longs need stops below 10300. A break below here targets 9700/9600. Our longs at at 10800/10700 target minor resistance at 12000/12100. A break above the high for the bounce at 12290 this week targets 12970/12980. Above 13000 look for 13400/500.

Ethereum holding first support at 3500/3450 targets 3550/3600 and 3700. On further gains, look for 3830/50 before a retest of the September high at 4000/4030. Outlook positive as long as we hold first support at 3500/3450. A break below 3350 however risks a slide to strong support at 3170/3150. Try longs with stops below 3100.

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.

Cryptocurrency Update
 

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Cryptocurrency Update

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