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 are unable to keep control of this market – A break below 40300 is a sell signal. We have the medium term sell signal now targeting 38000/37500 then 36400/36000 & 34000.
Ripple we wrote: holding below 7900/7850 can target 7500 before strong support at 7100/7050. Longs need stops below 6950.
Strong support at 7100/7050 also broken for the next sell signal.
Ethereum we wrote: breaks minor support at 3000/2970 & now breaks support at 2840/00 to target 2590/2550, probably as far as the 500 day moving average at 2450/2400.
Update daily at 07:00 GMT
Bitcoin breaks 40800/500 for a medium term sell signal in the 3 month bear trend initially targeting 38000/37500 then 36400/36000 (just hit as I write) & 34000. Do not be surprised to see a test of the 100 week moving average at 32600/450.
Gains are likely to be limited in the bear trend with first resistance at 39400/450. Further resistance at 40900/41000. Shorts need stops above 42200.
Ripple break of strong support at 7100/7050 is our next sell signal targeting 6600/6550. Longs look too risky!! Further losses test very important 100 week moving average support at 6190/6160. Longs need stops below 6100. A break lower quickly targets 5800.
Gains are likely to be limited in the bear trend with resistance at 7080/90, 7300/7350 & 7460/90.
Ethereum breaks minor support at 3000/2970 t& now breaks support at 2840/00 to target 2590/2550, probably as far as the 500 day moving average at 2450/2400 this week. This MA held the low in January so bet on a bounce from here if you think the same can happen again. However a break below 2350 should therefore be quite a serious sell signal in the bear trend.
Gains are likely to be limited with resistance at 2800/2850 & 2970/3000.
To subscribe to our daily reports please visit daytradeideas.co.uk or email firstname.lastname@example.org
No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.
Jason Sen, Director