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 beat resistance at the September high at 52950 targeting 54700/900 & 55300/500. Targets hit!!!
Ripple still holding strong resistance at 10710/10780!!!! This is obviously key to direction.
Ethereum edging slowly above minor resistance at 3400/3450.
Bitcoin hit the next target of 55300/500. Further gains are possible today as far as 57000, 58500 & perhaps as far as resistance at 59400/600 in to next week.
Downside is expected to be limited. Minor support at 52500/52000. Strong support at 50000/49500. Longs need stops below 49000. A break below here is a medium term sell signal.
Ripple holding strong resistance at 10710/10780 targets 9900/9800. Expect support at 9600/9500. A break lower tests the 100 day moving average at 9000/8950. A break below 8900 is a medium term sell signal.
We are holding strong resistance at 10710/10780. Shorts need stops above 11000. A break higher is a buy signal targeting 11400 & probably as far as minor resistance at 12000/12100. We should pause here but shorts are probably too risky.
Ethereum beats minor resistance at 3400/3450 for the next target 3550/3600 & eventually 3700. (nearly there hitting 3660). On further gains look for 3830/50 before a retest of the September high at 4000/4030.
Outlook positive as long as we hold first support at 3500/3450. A break below 3400 however risks a slide to strong support at 3170/3150.
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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.
Jason Sen, Director