Bitcoin (BTC), (XRP) Ripple and Ethereum (ETH) Analysed

Crypto Airdrop - Explanation - How Does It Work?

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

Today's Analysis

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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Crypto Airdrop - Explanation - How Does It Work?

Jason Sen

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason used technical analysis throughout his trading career and formed which established itself as the leading provider of daily technical analysis to independent and professional traders within the investment bank community. He advises dozens of traders at up to 15 major investment banks and hedge funds on market movement throughout each trading day on The Bloomberg Professional® service. Jason Sen also provides trade ideas with entry, exit and target levels on Telegram & in daily reports to retail traders.