Breaking! It's Crucial To Watch (BTC/USD) Bitcoin Price, Ethereum (ETH) And Ripple (XRP) - 02/05/2022

Crude Oil Rallies, Gold Price (XAUUSD) Remains Vulnerable

Bitcoin stable in a short term sideways trend - However Ripple broke the 100 week moving average risking further losses. Can Ethereum save the crypto bulls with a bounce from the 500 day moving average?

Bitcoin shorts at resistance at 40100/300 did retest the March low at 37500/37000, with a low for the day exactly here. Next target is 36000 with the important 100 week moving average at 35900/700.

A break below 35500 is a MAJOR SELL SIGNAL. First stop is 28900/700. Gains are likely to be limited with strong resistance at 40000/40200. Shorts need stops above 41000.

Ripple holding below the 100 week moving average at 6650/6600 is a disaster for bulls as predicted as we hit my targets of 6220/00 then 5800 before a retest of the 2022 low at 5525/5475. I do not see this as support than can hold for long.

Next target is 5100/5080. Gains are likely to be limited with resistance at 6160/90 & 6450/6500.

Ethereum strong support at 2800/2750. A break below & hold below 2700 is a medium term sell signal targeting 2640, 2600, 2570 & 2500 (just to start with). Holding strong support at 2800/2750 allows a recovery to strong resistance at 2950/3000. Shorts need stops above 3050.

Bulls need prices to hold above 3000 if they are to get back in the game, initially targeting 3100 & 3150...we need a break above 3200 for a clearer run to 3400/3450.

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Crude Oil Rallies, Gold Price (XAUUSD) Remains Vulnerable

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 Daytrdeideas.co.uk 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. daytradeideas.co.uk