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.
To subscribe to this report please visit daytradeideas.co.uk or email email@example.com