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 rockets from best support at 60500/60000 & through he all time high at 66500/67000 as predicted, initially targeting 69500/70000.
Ripple through 6 month trend line resistance at 12300/400 for a buy signal.
Ethereum longs at best support at 4380/4340 work on the run to the next target of 4800.
Today’s Crypto Analysis
Bitcoin longs from anywhere above 60000 this trade worked perfectly as we beat 66500/67000 as expected initially targeting 69500/70000. We should struggle so do not be surprised to see some profit taking. However a break above 70000 is a good buy signal & can take us as far as 70000/78000.
Downside is expected to be limited with first support at 67000/66500. Longs need stops below 66000.
Ripple break above 12400 is an important medium term buy signal initially targeting 12800/850 & 13050.
Support at 12300/12200. Best support at 11800/11700. Longs need stops below 11600.
Ethereum longs at best support at 4380/4340 worked on the bounce back above 4475/55 to the targets of 4600/50 & 4800 & hopefully as far as 4950/5000 this week.
Downside is expected to be limited with minor support at 4650/40. Best support at 4520/4480. Longs need stops below 4430.
Emini S&P December hitting the targets as far as 4696/99 before reversing from 4712 & we are closing in on first support at 4675/70 this morning.
Nasdaq December seeing a little profit taking from our 16420/440 target but downside should be limited in the bull trend with no sell signal yet, despite overbought conditions.
Emini Dow Jones December we wrote: hit the next target of 36000/100 & if we continue higher in the bull trend look for 36250/280.
Target hit with a new all time high at 36375.
Today’s Stock Market Analysis
Emini S&P meets first support at 4675/70. Longs need stops below 4665 but then expect strong support at 4650/45. Try longs with stops below 4635. Unlikely but further losses meet an excellent buying opportunity at 4615/05. Longs need stops below 4595.
The only resistance is at 4710/15. You would have to brave or crazy to sell short in this endless bull market! A break above 4720 targets 4735/40 then 4760.
Nasdaq December straight to the next target of 16420/440 with a new all time high only 8 ticks above!! Eventually we can reach 16700, perhaps this week. Then we look for 16850.
First support at 16260/240 likely to be tested this morning, but below here meets second support at 16140/120. Unlikely but further losses meet a buying opportunity at 15970/920. Longs need stops below 15890.
Emini Dow Jones December new all time high at 36375 but watch resistance at 36410/440. I certainly do not recommend a short but we could pause here. If we continue higher look for 36490/500 & 36750/800.
First support at 36100/35950. Best support at 35700/650. Longs need stops below 35550.
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Jason Sen, Director