Technical Analysis – DayTradeIdeas
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 stable in a short term sideways trend – However Ripple broke the 100 week moving average risking further losses. Can Ethereum save the crypto bulls with a bounce from the 500 day moving average?
Bitcoin shorts at resistance at 40100/300 did retest the March low at 37500/37000, with a low for the day exactly here. Next target is 36000 with the important 100 week moving average at 35900/700.
A break below 35500 is a MAJOR SELL SIGNAL. First stop is 28900/700. Gains are likely to be limited with strong resistance at 40000/40200. Shorts need stops above 41000.
Ripple holding below the 100 week moving average at 6650/6600 is a disaster for bulls as predicted as we hit my targets of 6220/00 then 5800 before a retest of the 2022 low at 5525/5475. I do not see this as support than can hold for long.
Next target is 5100/5080. Gains are likely to be limited with resistance at 6160/90 & 6450/6500.
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 strong resistance at 2950/3000. Shorts need stops above 3050. Bulls need prices to hold above 3000 if they are to get back in the game, initially targeting 3100 & 3150…we need a break above 3200 for a clearer run to 3400/3450.
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Jason Sen, Director