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 shorts at resistance at 41100/500 target 40000 & as far as the March low at 37500/37000 this time. Next target is 36000 with the important 100 week moving average at 35900/700. A break below 35400 is a MAJOR SELL SIGNAL. First stop is 28900/700.
Gains are likely to be limited with minor resistance at 39000/39300 then strong resistance at 40100/300.
Ripple holding below the 100 week moving average at 6650/6600 is a disaster for bulls. Look for 6220/00 then 5800 before a retest of the 2022 low at 5525/5475.
Obviously bulls need prices to recover & hold above 6700 as quickly as possible. I think this is unlikely.
Ethereum strong support at 2800/2750. A break below & hold below 2700 is a medium term sell signal targeting 2640, 2600, 2570 & 2500 (just to start with). Holding strong support at 2800/2750 allows a recovery to 2900/3000 but may be no further. Bulls need prices to hold above 3000 if there are to get back in the game.
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Jason Sen, Director