Bitcoin lower as expected as we collapse from strong resistance at 40100/300 & now holding below the 100 week moving average at 36000 as I write - for a very important sell signal.
Ripple has well & truly broken the 100 week moving average, now at 6700/6750.
Ethereum we wrote: bulls have defended the 500 day moving average at 2800/2750 all this week but the failure to beat strong resistance at 2950/3000 I think will trigger a break below here now for an important sell signal. I am talking crash conditions.
As expected, we have broken lower for an important sell signal.
Today's Analysis
Bitcoin shorts at resistance at 40100/300 worked as prices collapse to my targets of 37500/37000 & the important 100 week moving average now at 36000. THIS IS MEGA IMPORTANT OVER THE WEEKEND. Holding below 36000 is a MAJOR SELL SIGNAL. First stop is 28900/700.
Obviously bulls need prices above 36000 as quickly as possible, preferably above 37000 to show they are back in control, targeting 38200/400. We should struggle to beat this level here but a break above 38900 then targets 41500/42000.
Ripple remains very much in a bear trend & selling in to resistance has been a successful strategy for us for a number of weeks. We have 9 month trend line support at 5680/40, with a low at 5800 so far as I write on Saturday morning. A break below here (& I would be careful if you bet against it) triggers further significant moves to the downside initially targeting 5100/5070. On a break below 5050I am looking for 4300/4250, just to start with.
Obviously bulls desperately need prices above 6750 to get back in the game but this seems highly unlikely now.
Ethereum breaks strong support at 2800/2750 & holds below here for a medium term sell signal exactly as predicted, targeting 2640 (hit), 2600, 2570 & 2500 (just to start with).
Bulls obviously need prices above 2800 as soon as possible but I cannot se this happening. If I am wrong, look for a test of the 100 day moving average at 2900/2950. Shorts need stops above 3000. A break higher is a medium term buy signal.
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