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Bitcoin could not beat the 100-day moving average at 45000 to keep the bears in control for now with shorts at strong resistance at 44100/400 working perfectly on the slide as far as support at 40800/400.
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We are edging lower to 38000/37700 now as I write on Sunday – further losses are expected in the bear trend of course to 36500/400
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Ripple mostly sideways in recent days.
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Ethereum we wrote: Shorts at 3025/55 target minor support at 2870/40 & perhaps as far as 2750/2700 before the weekend.
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Targets all hit on the upside & downside so far this week.
Daily analysis
Bitcoin breaks support at 40800/400 for profit-taking. Longs could be risky in the bear trend, but if you try, stop below 40000 (& look for a target of 42800). However, if we continue lower look for 39300/200 & 38000/37700, eventually as far as 33300/31100.
Gains are likely to be limited in the bear trend with minor resistance at 42300/500 then strong resistance at 44000/200. Shorts need stops above 45000.
Ripple just holding support at 7300/7280 but below here can target 7090/70, perhaps as far as support at 6890/6870. On further losses in the bear trend look for 6730/6690.
Minor resistance at 7550/7650. Strong resistance at 7800/7850 should be the best sell opportunity of the week.
Ethereum shorts at 3025/55 worked perfectly targeting minor support at 2870/40 & as far as 2750/2700 before the weekend for some profit-taking. However further losses look likely eventually to strong support from 2660 down to 2560 which did hold the downside again as I write on Sunday. A break lower eventually however does look likely to the 500 day moving average at 2490/80. WE HAVE NOT HAD A DAILY CLOSE BELOW THE 500 DMA FOR ALMOST 2 YEARS. If this happens now it would be an important sell signal.
Gains are likely to be limited in the bear trend with resistance at 2790/2810 & again at resistance at 3025/55 with a high for the day exactly here. A break above 3100 retests the February high at 3200/3280.
