Tuesday, May 30, 2023

Crypto Update | Investing.com


topped exactly at strong resistance at 33200/33700 and again shorts are working as we head towards the target of 31000/30500.

barely moving as we hold below strong resistance today at 0.6300/6400.

Shorts need stops above 0.6450.

shorts at strong resistance at 2300/2350 working perfectly as we break below the 200 day moving average at 2000 for another sell signal.

Today’s Analysis

Bitcoin holding strong resistance at 33200/33700 today targets 32000 and 31000/30500 before a retest of 29000/28500. A double bottom here would help to turn the medium term outlook positive, although this is looking increasingly unlikely now. Watch for support at 27500/27000 on any further losses.

A break above 34000 is a short term buy signal and can target 37000/37500. A break above 38000 is needed for a run to 40000/41000.

Ripple holding strong resistance today at 0.6300/6400 targets 0.6315/35 and 0.6000/5900 before a retest of 0.5200/5100. The 2019 high is at 0.4940. A break below here is catastrophic for bulls and risks a slide to 0.4400/4350.

Shorts need stops above 0.6450. A break higher is a short term buy signal targeting minor resistance at 0.6900. A break higher can target resistance at 0.7300/0.7400.

Ethereum outlook negative as we hold strong resistance now at 2000/2100 (we topped exactly here yesterday) targeting 1900/1850 before 61.8% Fibonacci support at 1728. I very much doubt this will hold a third time. A break below 1700 is yet another sell signal.

Bulls desperately need prices to break above 2150 (highly unlikely!!) to retest last week’s high at 2400/20. We should struggle to beat this level here but if we continue higher expect resistance at the 100 day moving average at 2550/2600.

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