Crypto update: Bitcoin outlook negative, ripple trends, Ether at the top of the list

attempting to rebound but failing to beat 64000 keeps the outlook negative and risks generating a head and shoulders sell signal. A break below the neckline at 60,000 will confirm this. The 100-hour average is currently 63000/63500. When this gives a bounce it creates a head and shoulders reversal pattern which is confirmed with a break below 60,000. The weekly candle looks anything but positive. A weekly close at 61000 is negative and could actually signal the mother of all double highs. Serious. This is very negative.

remains sideways, holds support at 10700/750 and lunges on the rebound to 11250.

made a daily high right at the all-time high of 4355/85. With rates unchanged, resistance was clearly denied on the day we slumped to 4010. THIS REMAINS AN IMPORTANT DOUBLE RISK.

Some video analysis: https://youtu.be/ZGDSbDzQEtc

Today’s analysis

Bitcoin Shorts at 62500/63000 have to stop over 64000. Only up here do I see cops back in the game. Prices are then likely to rise towards 65000/500 and then retest the all-time high at 66500/67000. A break to the top is a buy-signal, initially targeting 69500/70000. First support at 60700/500. Longs need stops below 60,000.

A break down here is a very important sell-signal that was originally targeting 58000. I don’t see this as a strong support. A break down here at the weekend is a longer-term sell-signal that is initially targeting 57000/56500. I’m talking about fall conditions because we’re going to build a huge bull trap. A break below 54000 is the next signal to sell.

Ripple longs on initial support at 10700/750 and targets again at 11000, 11400 and 11600. Expect strong resistance at 12020/12100. A breakthrough to the top can aim at 11300/11400. First support at 10700/750. Most important support of the week at 10250/10200. Holding here keeps the cops under control. A break down here is an important sell-signal, initially targeting the less important 9700/9600.

If there was a break below that, I would expect considerable losses. Initially, we should target 8600. This could last on the first test and we could even see a decent jump. However, I would be a seller at the resistance on this rebound and expect the support to break through for another significant sell signal at some point.

ether has a double top sell signal. However, we unexpectedly bounced back above 4000/3980 and may be able to retest the all-time high at 4355/85. A break up here is needed to eliminate the risk of the double top selling signal now and will target 4500 initially.

Initial support at 4000/3980 but longs need stops below 3900. A break down meets better support at 3770/30. A decent rebound is expected from here, perhaps up to 3950. Long positions need stops below 3670. A break down is a sell-signal targeting 3570/50, the strong support at 3380/40. Longs need stops below 3300.

Disclaimer of liability: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed are subject to change without notice. The estimates and forecasts presented herein are based on assumptions that may not be correct or that may be otherwise realized. All reports and information are provided for informational purposes only and neither the information contained herein nor an opinion expressed constitute an offer or a solicitation of an offer to buy or sell any securities or options, futures or other related derivatives.

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