Bitcoin lower as expected of course after our latest sell signal was triggered.
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(Because it has never been regarded as a safe haven in times of trouble & always goes down when stock markets panic. Also been proven to be no inflation hedge of course).
Ripple reversed in between resistance at 7250/80 & 7610/30 & continues lower as expected.
Ethereum breaks the 500 day moving average at 2450/2400 for yet another sell signal.
Update daily at 07:00 GMT
Today's Analysis
Bitcoin breaks 40800/500 for a medium term sell signal in the 3 month bear trend initially targeting 38000/37500 then 36400/36000 & probably as far as 34000. Do not be surprised to see a test of the 100 week moving average at 32690/700 (today's value).
Gains are likely to be limited in the bear trend with first resistance at 36300/400 then 39400/450. Further resistance at 40900/41000. Shorts need stops above 42200.
Ripple lower again as expected to test very important 100 week moving average support at 6190/6160. Longs need stops below 6100. A break lower quickly targets 5800.
If you are very brave & want to try longs at 6190/6160, look for targets of 6660/90, & perhaps as far as 6900 for profit taking.
Ethereum breaks the 500 day moving average at 2450/2400 for yet another sell signal in the bear trend as we look for a retest of the January low at 2160/55. I would not rely on this holding the downside & if we continue lower look for a test of very strong support at 1900/1850. Longs need stops below 1750. If this breaks there is likely to be another very significant move to the downside.
Bulls desperately need prices to hold above 2500 now to regain control.
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No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.
