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Bitcoin Bulls Are Unable To Keep Control Of This Market

Published 02/22/2022, 03:14 AM
Updated 07/09/2023, 06:31 AM

  • 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 and 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 and now breaks support at 2840/00 to target 2590/2550, probably as far as the 500 day moving average at 2450/2400. Almost there! 

    • Today's Analysis

    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) and 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 a 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 and 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 and 2970/3000.

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