Bitcoin lower than expected as we fell ahead of strong resistance at 40100/300 and now below the 100-week moving average at 36000 at the time of writing this article, a very sell signal important.
Ripple has broken the 100-week moving average very well, now at 6700/6750.
Ethereum wrote: The bulls have been defending the 500 day moving average at 2800/2750 all week, but not beating a strong resistance at 2950/3000 I think will now cause a break below a strong signal for sale. I’m talking about the conditions of the accident.
As expected, we broke down for a major sell signal.
Bitcoin shorts at 40100/300 resistance worked while prices fell to my 37500/37000 targets and the important 100 week moving average now at 36000. THIS IS MEGA IMPORTANT WEEKEND. Keeping below 36000 is a MAJOR SALE SIGNAL. The first stop is 28900/700.
It is clear that the moose need a price above 36,000 as soon as possible, preferably above 37,000 to show that they have regained control, with a target of 38,200 / 400. We should fight to surpass that level here, but a break above 38900 points to 41500/42000.
Ripple remains on a downward trend and resilient selling has been a successful strategy for us for several weeks. We have 9 month trend line support at 5680/40, with a low at 5800 so I am writing Saturday morning. A break here below (and it would be prudent to bet against it) triggers more significant lower moves initially targeting 5100/5070. On a break below 5050, I’m looking for 4300/4250, just to get started.
Clearly, traders desperately need prices above 6750 to play again, but that seems very unlikely now.
Ethereum breaks strong support at 2800/2750 and stays here for a mid-term sell signal exactly as expected, targeting 2640 (success), 2600, 2570 and 2500 (just to start).
Obviously traders need prices above 2800 as soon as possible, but I don’t see that happening. If I’m wrong, look for a 100-day moving average test at 2900/2950. Shorts need stops above 3000. A break above is a medium-term buy signal.