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 soared to the 50 & 100 day moving average at 22000/22300. Shorts need stops above 22500. A break higher is a buy signal
Ripple rocketed back to 50 & 100 day moving averages at 3500/3600.
Ethereum soars to 1790.
Bitcoin has unexpectedly soared to the 50 & 100 day moving average at 22000/22300. Shorts need stops above 22500. A break higher is a buy signal targeting resistance at the 200 week moving average at 23000/23200. If we continue higher look for 24600/700.
Any shorts at the 50 & 100 day moving average at 22000/22300 target 21600/500. A low for the day certainly possible here. However a break lower can target 21000/20900.
Ripple shot higher to 50 & 100 day moving averages at 3500/3600. A break above 3650 can target 3800/3850.
Shorts at 3500/3600 targets 3440/30 then 3380/70.
Ethereum did indeed hold above 1500/1550 to hit my target of 1760/80 & we have collapsed to first support at 1700/1650. Longs need stops below 1600. A break lower targets 1550 then support at the 100 day moving average at 1500/1450. This must hold, or we resume the longer term bear trend.
Strong resistance at 1800/1900.
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Jason Sen, Director