Crypto 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 breaks strong support at 62000/61500 which is a major problem for bulls. A break below 60000 is an important medium sell signal (& I think this will happen).
Ripple may have decided where we are going after the bearish engulfing candle on Wednesday. Finally we are seeing follow through to the downside.
Ethereum sees a delayed reaction after the bearish engulfing candle. WE HAVE AN IMPORTANT SELL SIGNAL
Update daily at 07:00 GMT
Bitcoin outlook is a lot more negative as we break support at 62000/61500. A break below 60000 is an important sell signal targeting 58000/57500 but I doubt this will hold on the next test. Further losses are likely to target 56000 & a buying opportunity at 54500/54000, with stops below 53000.
We now have a big resistance band at 62000/64000. I can’t see prices recovering above here. If I can wrong, we have a buy signal on a break above 64500.
Ripple just collapsed over night to break last week’s low at 11200. The the last line of defence for bulls is the 100 day moving average at 11100. I would not bet on a bounce from here myself. A break below 110000 is an important sell signal in the medium term targeting 10750/10700 but I can easily see 9999 hit eventually.
Gains are likely to be limited with resistance at 11600/11700.
Ethereum break oversold support at 4550/4500 was an important sell signal targeting 4350/30. The break below here is a more serious sell signal this morning initially targeting 4170/50 but 4050/4000 is certainly possible.
Bulls require a very quick recovery above 4360 to rescue the bull trend. However we meet very strong resistance at 4510/30.
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Jason Sen, Director