Bitcoin we wrote: edging very slowly higher but I am not convinced this is the start of a bull trend.
Yesterday we reversed from the trend line - see the video. Outlook remains negative in the bear trend.
Ripple seeing consolidation & narrowing ranges but I do not think this is a base building exercise. Same levels apply for today.
Ethereum however is seeing a push higher.
Update daily at 07:00 GMT
Bitcoin 3 month trend line around 39000 held the bounce - although I had thought we could make it as far as strong resistance at the 500 day moving average at 40400/40600. Above here meets 23.6% Fibonacci resistance at 41400/500.
We have reversed to 36900/800. Further losses target 36200/36000 then 34300/34000 before a retest of 33000/32950.
Ripple held first resistance at 6560/90 last week as predicted & holding 6300 so far this week. A break below the 100 week moving average at 6000/5900 (tested as I write this morning) obviously adds pressure for a retest of the low at 5600/5500. I would not bet on this holding on the next test & a break lower is an obvious sell signal. Look for a test of the last big swing low at 5100/5080. Again I doubt this will hold for long & a break below here is a disaster for bulls. Prices could go in to free fall!!!
Gains are likely to be limited & I doubt we will beat resistance at 6560/90. A break higher however meets a sell opportunity at 7350/7450. Stop above 7550. A break higher is a nice medium term buy signal. Buy & hold!!
Ethereum shorts at first resistance at 2800/2820 worked perfectly as we target 2660/20, perhaps as far as 2570/50 today. Further losses are certainly possible eventually to 2520/00 & 2400/2380.
On a bounce & retest of resistance, shorts at 2800/2820 need stops above 2870. A break higher targets 2920, perhaps as far as strong resistance at 3000/3050.
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