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 saw a high for the day exactly at the 500 day moving average at 43300/500. A break higher is a buy signal.
Ripple we wrote: has just beaten the 500 day moving average at 7980 to turn the outlook more positive.
We have hit the 8400/8500 target as we look for 8950/9000, perhaps as far as the February high & very strong resistance at 9140/9160.
Ethereum led the way higher with a bounce from the 500 day moving average at 2540/2500 hitting targets as far as resistance at 3000/3050. A high for the day exactly here yesterday.
Update daily by 06:00 GMT
Bitcoin now testing strong resistance at 43300/43500. Shorts need stops above 44000. A break higher is a buy signal targeting 46600/800 & perhaps as far as 49000/50000.
Minor support at 40000 has held but below 39500 can target 38000/37700. If we continue lower look for a retest of the March low so far at 37150. Just be aware that below here targets 36500/400, eventually as far as 33300/31100.
Ripple hit the 8400/8500 target but unexpectedly reversed from 8650. Bulls just cannot keep control of this market. Less likely now but if we continue higher look for 8950/9000, perhaps as far as the February high & very strong resistance at 9140/9160.
Strong support at 8000/7900 & again at 7700/7560. A break below 7600 is a sell signal.
Ethereum bounce from the 500 day moving average at 2540/2500 reaches resistance at 3000/3050. A break above 3150 is a medium term buy signal initially targeting 3200/3230…we should struggle to beat this level but a break higher eventually is a strong buy signal. Look for 3500 first target.
Holding resistance at 3000/3050 meets strong support at 2800/2750. A break below 2700 is a sell signal.
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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