Ethereum holding first resistance at 3480/3500

Ethereum holding first resistance at 3480/3500

Bitcoin reversed a fraction from first resistance at 47000/47500 & immediately collapsed back to 43400. Clearly there are aggressive sellers out there when we see strength.

Ripple stable & holding first resistance at 11170/11340 to keep the outlook negative.

Ethereum holding first resistance at 3480/3500 which keeps the outlook negative at this stage.

Daily analysis

Bitcoin same levels apply for today as we hold first resistance at 47000/47500 & establish a range below the 200 day moving average at 46000. So far we bottomed exactly at the 44300/44000 target but outlook remains negative. Further losses retest this weeks low at 43000/42900 but I would not gamble on this holding again today. A break lower targets only minor support at 41500/100. A break below 40000 is the next sell signal.

The minimum bulls require is for prices to hold above the 200 day moving average at 46000. Strong resistance again at 47000/47500. Shorts need stops above 48000. Only above here is more positive going forward.

Ripple holding below 11170/11340 retests Tuesdays low at 10550/10250. Although we bottomed exactly here I favour a break to the downside eventually. Further losses target 9700/9650. If we continue lower look for 9050/30, perhaps as far as strong support at 8600/8550.

First resistance at 11170/11340 with strong resistance at 11650/11950. Bulls need prices to hold above 12000 for a more positive outlook for ne, initially targeting 12550/12650.

Ethereum holding below short term moving averages at 3350/3400 signal a retest of support at 3150/3050. In fact this was hit yesterday & we bottomed exactly here. A break below 3000 should be a sell signal initially targeting 2890/50. Expect strong support at 2650/2600 but longs need stops below 2500.

Bulls require prices to break & hold above 3500 for a more positive outlook initially targeting 3650/3700, perhaps as far as 3810/20 before a retest of last weeks high at 4010/30.