• we wrote: consolidating in the short term bear trend and are likely to break lower for a sell signal. We failed a break above the trend line resistance, so bears appear to remain in control. Holding below 36600/37300 keeps the outlook negative.
  • XRP has failed at its important 38.2% Fibonacci and short term moving average; resistance at 1.0515/1.0545 and pro collapsed as expected below 0.9000/0.8980. Further losses are likely with a break below 0.8900 targeting 0.8050/30.
  • shorts at strong resistance at 2750/2800 worked perfectly as we hit 2430. Outlook remains negative if we hold below 2550/2600.


Today’s Analysis

Bitcoin is in a bear flag and holding below 36600/37300 is a short term sell signal targeting 34200/33500 (HIT), perhaps as far as 31100/3000 today. Although I had us buying here last time, this time it is more likely we will break lower to my ultimate target for the head & shoulders sell signal at 27500/27000.

Key resistance at 37200/38200, although I do not think we'll see this level again for a while. A break above 39000 is a buy signal, but only targets the 200-day moving average resistance at 41700/42400. Try shorts here, stop above 43400.

Ripple shorts at strong resistance at 1.0515/1.0545 hit our targets of 0.9400/9300 and 0.9000/0.8980. Further losses are likely with a break below 0.8900 targeting 0.8050/30. Again expect very important 6 month trend line and 200-day moving average support at 0.7040-0.6970. Longs need stops below the |May low at 0.6500. Important 38.2% Fibonacci and short term moving average resistance at 1.0515/1.0545. Shorts need stops above 1.1100. A break higher is a buy signal targeting 1.1700/1.1800, perhaps as far as 1.3000/1.3500.

Ethereum shorts at strong resistance at 2750/2800 work as we target 2550/2500 and minor support at 2380/2350 this week. If we continue lower in the 3 week bear trend, look for 2140/30 before a retest of the important 61.8% Fibonacci support at 1728. Shorts at strong resistance at 2750/2800 need stops above 2850. A break higher is a buy signal targeting 3050/3100, perhaps as far as strong resistance at 3300/3400. Shorts need stops above 3500.

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