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 holding very strong resistance at 24800/25000 & this does look like a large bear flag forming – so a break lower would be expected eventually.
Ripple is holding first support at 3650/3600, which gives some hope to bulls.
Ethereum must now hold first support at 1850/1800 to target 2000/2020 & 2100/2120. .
Bitcoin bounced to targets of 23400/500 & 24200/300 with very strong resistance at 24800/25000. A break higher is another buy signal targeting 26000, perhaps as far as 26300/400.
Shorts at very strong resistance at 24800/25000 target 23250/150. On further losses look for 22300/100, perhaps as far as the lower trend line of the bear flag at 21000/20900. A break below 20800 therefore is an important sell signal.
Ripple reverses from first resistance at 3800/50 but holds first support at 3650/3600. A break lower targets 3450/3400. Below here is a sell signal targeting 3200.
Holding first support at 3650/00 targets first resistance at 3800/50. A break above 3900 targets 4000 & 4100.
Ethereum beat strong resistance at 1820/50 & obviously bulls must hold prices above here to target 2000/2020 & 2100/2120. If we continue higher look for 2230.
Failure to hold above 1800 is a sell signal, initially targeting 1680/60 then strong support at 1530/1480.
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Jason Sen, Director