Monday, September 26, 2022

Cryptocurreny Update |


shot higher to 41500/42500 where a high for the day was expected. We topped exactly here throughout the weekend. Shorts worked on the slide to support at 39800/300. Longs here have been stopped below 38500.

The outlook turns negative and we are likely to have resumed the bear trend.

shorts at strong resistance a little higher today at 7700/7750 worked perfectly. Outlook is negative in the medium term. 

beat strong resistance at 2460/2500 for a buy signal initially targeting 2700/2750, but we topped exactly here and collapsed to first support at 2550/2500. I doubt this will hold for long.

Today’s Analysis

Bitcoin breaks support at 39800/300 for a sell signal targeting only minor support at 37500/100. While we may pause here, longs are risky. A break lower looks likely, eventually targeting 35950/750 and perhaps as far as 34400/34000. Gains are likely to be limited with strong resistance at 39400/800. Strong resistance again at 41500/42500.

Ripple shorts at strong resistance at 7700/50 target first support at 7170/7040. Although we bottomed exactly here as I write, a break lower looks likely eventually targeting 6950 & support at 6800/6750. Expect strong resistance at 7700/7750. Bulls will look for a break above 7800 for a medium term buy signal, initially targeting 8300 and then 8500/8700.

Ethereum tests first support at 2550/2500, but be ready to sell at a break below 2450 for 2330/2290 and 2220/00. Holding first support at 2550/2500 allows a recovery towards first resistance at 2700/2750. Highly unlikely, but if we continue higher, look for 2850 and the June high at 2890/99.

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