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 we wrote: bulls failed to hold prices above 23000/22500, killing the buy signal. All is lost for the bull as the bear trend resumes.
Ripple cannot build upward momentum & is stuck in a narrow sideways trend.
Ethereum break of support at 1500/1450 this morning is a sell signal.
We reached 1630.
Bitcoin had their chance to beat 200 week moving average re The break below 22200 targeted 21400/200 & 21000/20900, being hit as I write over night & further losses are expected now of course to 20500/400, perhaps as far as 20100/20000. Eventually we should hit 19000/18900.
First resistance at 22100/300. Strong resistance at 22900/23000. We need a break back above 23000 for a buy signal initially targeting 24600/700. Ripple broke support at 3450/3400 & a break below 3300 resumes the 8 month bear trend initially targeting 3200 & 3130/20. Further losses test the July low at 3040/20 – I doubt this will hold!
First resistance at 3400/3450. Strong resistance at 3550/3600.
Ethereum breaks support at 1500/1450 for a sell signal targeting 1400, 1320, probably as far as 1250. Bulls need prices above 1500 but we meet resistance again at 1550/1575.
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Jason Sen, Director