Shorts need stops above 48,000

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Bitcoin still holds the first resistance at 43500/44000 which keeps the pressure on the downside.

Ripple still holds the first resistance at 9800/9900 in what appears to be a negative bearish flag pattern.

Ethereum peaked for the day exactly at the first resistance at 3130/60, so the shorts here are perfectly traded.

Daily Analysis

Bitcoin holding the first resistance at 43500/44000 in recent days (in what I think is a developing downtrend) is targeting 42000/41500. This has been hit now and is holding, but the pressure remains on the downside. A break below 39500 then targets 37300/37000. I wouldn’t rule out 34500/300 and even more losses in October.

Bulls need a break above 45000 to test resistance at 47000/47500. Shorts need stops above 48000 for a mid-term buy signal.

Ripple holding first resistance at 9800/9900 is finally targeting best support again at 8600/8550. A break below 8500 is a sell signal targeting 8000/7950 & 7600.

Bulls need a break above 10,000 to test strong resistance at 10250/10350. A breakout higher may target strong resistance at 10710/10780. Shorts need stops above 11,000.

Ethereum holds the first resistance at 3130/60. Shorts need stops above 3250. A higher breakout targets 3300/3320 and resistance at 3400/3450. Shorts need stops above 3500.

Shorts at 3130/60 target minor support at 2960/50 (touchdown this morning). Better support at 2700/2600 for profit taking on the remaining shorts. Buyings should stop below 2500. A breakout below is an important mid-term sell signal, initially targeting 2440 and then 2250/2220.

Graphic

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