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A break below 39000 is another important sell signal

Crypto markets look for a floor as risks remain
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  • Bitcoin bounces from 400 pips above the only support this week at the 500-day moving average at 39200/000 hitting strong resistance at 44200/44400 with the day high exactly here.

  • Ripple retested with the 500 day EMA holding at 7300/7250 even though we broke as high as 6966. The bounce hit strong resistance at 8071/8200 with the day high right here.

  • Ethereum longs at huge important support at 3050/3000 are working to rebound to strong resistance at 3350/3400 for profit taking.

daily analysis

Bitcoin maintains important support at the 500-day moving average at 39200/000 to hit strong resistance at 44200/44400. Today’s high is here as we get back to minor support at 42500 (and stay here too as I write) – below 42000 risks retesting the 500 day moving average at 39600/400. The break below 39,000 this time (I think it will happen eventually) is another important sell signal, initially targeting 37800/750 and 36500/36000. Below 36000 can take prices as much as 31000.

A break above 44500 however targets 46500/47000, possibly as far as the very strong resistance at 48500/49000. Sell ​​trades need stops above 50000.

Ripple reached a strong resistance at 8071/8200, guess where was the high for the day? Minor support at 7750/7700 has been tested now as I write overnight. More losses are retesting the important support at 7350/7300. A break below this week’s low at 6966 is the next sell signal targeting 6450/6400, possibly even 5840/5800.

Maintaining minor support at 7750/00 allows a retest of the strong resistance at 8071/8200. A break above 8300 is a short-term buy signal, initially targeting 8600.

Ethereum longs at very important support at 3050/3000 are working to bounce back to strong resistance at 3350/3400 to take profit – today’s high exactly here. But the break up targets 3500/3550.

Important support at 3050/3000 – stop below 2900. However, a breakout below is a very important sell signal.


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