Crypto Crash!? Bitcoin (BTC/USD) Managed A Small Bounce In The Bear Trend, (XRP) Ripple broke the 100 week moving average at 6700/6750 | DayTradeIdeas | 12/05/2022

What caused the bankruptcy of the cryptocurrency lender, Celsius?

Bitcoin managed a small bounce in the bear trend to my 32000/32100 level & collapsed again as expected in the bear trend. Obviously outlook remains negative.

Ripple broke the 100 week moving average at 6700/6750 & then 9 month trend line support at 5680/40 as predicted for another sell signal targeting 4300/4250. No trouble hitting that target!! We have hit 3450 & of course the outlook remains negative with further significant losses expected.

Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM

Ethereum broke the 500 day moving average at 2800/2750 as predicted for an important sell signal hitting all downside targets as far as 1920. A huge profit ion shorts & outlook remains negative with further significant losses expected as panic sets in.

Today's Analysis

Bitcoin break below 28600 is our next important sell signal as we hit 27000. Huge profits on our shorts this week. Further losses are expected of course, as we look for 25800/700 & 24400/200, eventually as far as 21900/700.

Gains are likely to be limited as I always write!! Resistance at 28800/29000 & 30000/30200.

Read next: (BTC) Bitcoin’s Price Tanks Along With Equities. U.S. Stock Market Awaits CPI Report, Poor Performance From The FTSE 100. 

Ripple panic has set in & I imagine stops have been triggered after important levels were broken as we target 3400, 3200, 300 & eventually 2500. Huge profits on our shorts this week.

Ethereum crashed after my new sell signal to my target of 1920. Next target is the 8 month trend line support at 1800/1700. I would not try longs myself. A break below here is obviously another important sell signal. Losses could then accelerate to the downside. We could hit 1300 very quickly.

Gains are likely to be limited with strong resistance at 2100/2200. Shorts need stops above 2300.

2900/2950. Shorts need stops above 3000. A break higher is a medium term buy signal.

 

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What caused the bankruptcy of the cryptocurrency lender, Celsius?

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