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 lower as expected as we collapse from strong resistance at 40100/300 & now holding below the 100 week moving average at 36000 as I write – for a very important sell signal.
Ripple has well & truly broken the 100 week moving average, now at 6700/6750.
Ethereum we wrote: bulls have defended the 500 day moving average at 2800/2750 all this week but the failure to beat strong resistance at 2950/3000 I think will trigger a break below here now for an important sell signal. I am talking crash conditions.
As expected, we have broken lower for an important sell signal.
Bitcoin shorts at resistance at 40100/300 worked as prices collapse to my targets of 37500/37000 & the important 100 week moving average now at 36000. THIS IS MEGA IMPORTANT OVER THE WEEKEND. Holding below 36000 is a MAJOR SELL SIGNAL. First stop is 28900/700.
Obviously bulls need prices above 36000 as quickly as possible, preferably above 37000 to show they are back in control, targeting 38200/400. We should struggle to beat this level here but a break above 38900 then targets 41500/42000.
Ripple remains very much in a bear trend & selling in to resistance has been a successful strategy for us for a number of weeks. We have 9 month trend line support at 5680/40, with a low at 5800 so far as I write on Saturday morning. A break below here (& I would be careful if you bet against it) triggers further significant moves to the downside initially targeting 5100/5070. On a break below 5050I am looking for 4300/4250, just to start with.
Obviously bulls desperately need prices above 6750 to get back in the game but this seems highly unlikely now.
Ethereum breaks strong support at 2800/2750 & holds below here for a medium term sell signal exactly as predicted, targeting 2640 (hit), 2600, 2570 & 2500 (just to start with).
Bulls obviously need prices above 2800 as soon as possible but I cannot se this happening. If I am wrong, look for a test of the 100 day moving average at 2900/2950. Shorts need stops above 3000. A break higher is a medium term buy signal.
Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email firstname.lastname@example.org
Jason Sen, Director