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:

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.

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