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.
On November 16th 2021 I made a video warning of a potential crypto crash, with Bitcoin initially expected to drop 20% immediately from the record high. (See video). Since then I have predicted crypto to continue to break support levels & head lower. The crash has been deep & way beyond what anyone else had expected back in November or December 2021.
Here is today’s update:
Bitcoin broke lower at last as expected & crashed 3000 pips to all targets as far as the 200 week moving average at 22250/150.
Ripple headed lower as expected hitting my targets as far as 3350/3300, 3200 & 3000
Ethereum has crashed as predicted to all targets as far as 1130/00 & would you believe this is almost the exact low at this stage.
Bitcoin has crashed as far as my target of the 200 week moving average at 22250/150. We over ran as far as 20800 but has seen a good recovery to 23300 so the important support has in fact held. If this does not hold over the summer (although it is likely to initially) it is goodnight crypto – last one out put the chairs on the table!
Bulls are praying that the crash low is in – I cannot say I believe this but we are certainly seeing a bout to first 23.6% Fibonacci resistance at 23250/350. Above 23400 opens the door to 24000. Unlikely but if we continue higher we could test strong resistance at 24900/25300.
Ripple gains are likely to be limited in the crypto crash. Holding very minor support at 3120/00 allows a recovery to first resistance at 3220/40. Above 3300 meets strong resistance at 3400/30.
We held just below 3000 but eventually are expected to target 2500. Just depends on how far the bounce can go before the next collapse.
Ethereum continues lower as predicted with another important sell signal as losses accelerate to the downside hitting all targets as far as 1130/00. Gains are likely to be limited with minor resistance at 1290/1310 & 1425/45. If we unexpectedly continue higher expect strong resistance at 1650/1700. A break below 1070 (likely eventually) targets 905, 890 & we even have a gap to fill at 792.
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Jason Sen, Director