Bitcoin, Ethereum, Ripple Technical Analysis
Daily Technical Analysis is provided by Jason Sen of Day Trade Ideas, who has been day trading since the late 1980’s. Jason has been a contributor of Traders Summit since the beginning. He primarily focuses on providing technical analysis of the financial markets, including stock chart patterns, Forex and Metals setups, and other useful technical analysis.
Bitcoin dipped to 55900, holding just above support at 53600/500 as we hit the next target of 58500 & resistance at 59400/600 this morning as predicted.
Ripple Technical Analysis. We are long at strong support at 10800/10700. This trade worked perfectly as we hit 11450, hopefully on the way to minor resistance at 12000/12100.
Ethereum we are long at 3500/3450 with a nice profit on the bounce to 3550/3600, 3700 & now the next target of 3830/50.
Bitcoin tests resistance at 59400/600 as predicted for profit taking perhaps, but shorts are too risky. A break above 59700 is our next buy signal targeting 60500/700 then 61600/800. Above here look for a retest of the all time high at 64600/900.
Downside is expected to be limited with support at 57900/600. Longs need stops below 56700. A buying opportunity at 54000/500. Longs need stops below 53300.
Ripple struggles at 11450 but should eventually test minor resistance at 12000/12100. A break above the high for the bounce at Ripple technical analysis levels of 12290 targets 12970/12980. Above 13000 look for 13400/500.
Strong support at 10800/10700. Longs need stops below 10300. A break below here targets 9700/9600.
Ethereum longs at 3500/3450 worked perfectly on the bounce to 3550/3600, 3700 & now the next target of 3830/50. There is important trend line resistance right here at 3870/3900. Bulls need to clear the September high at 4000/4030 for the next buy signal and it could be a straight run to the all time high at 4355/85.
First support at 3690/50. Second support at 3450/3400.
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Jason Sen, Director