BTC News: not the best time to expect profits
Bitcoin crashed precisely through the support level at 31500/31000 as anticipated, but rebounded only 1000 pips over my final crash objective of 27500/27000. A 30,000 pip decline from our first sell signal to within 1000 pips of our longer-term objective.
As long as BTC holds the price of 27500, it is quite conceivable that this is the end of that downfall. Although a small bullish hammer candle may corroborate this, we would like to see a bullish pattern or a buy signal to pile into this market long term.
We peaked precisely at the first resistance level of 34000/34500, maintaining a bearish picture.
Ripple breached the critical six-month trend line and 200-day moving average support around 0.7230/6930 in the negative trend, triggering a significant medium-term sell signal that resulted in losses to our final objective of 0.5090/5080. Furthermore, guess what? We came to a halt just here.
Bulls have been annihilated (just as anticipated over the past two months), with a 75% fall as we attempt to retest 2019 high.
Ethereum has fallen further, as expected, to challenge critical 200-day moving average support around 1875/65 in very oversold circumstances. We went all the way to the critical 61.8 percent Fibonacci support level of 1728 and bottomed precisely here.
However, the prognosis remains bearish as we continue to face resistance at the 1970/2000 level.
Bitcoin maintained a narrow margin over critical support around 27500/27000. (our ultimate target for the head & shoulders sell signal). We continue to believe that gains will be restricted as we await a buy signal or bullish pattern. Almost every purchase this year was in a negative position at yesterday’s low, suggesting that they may place sell orders on a rebound.
We peaked precisely at the initial resistance level of 34000/34500, thus maintaining this level maintains a bearish view. At 36300/600, there is significant resistance. Stops over 37500 are required for shorts. We would interpret a break above as a medium-term buy signal.
Maintaining support at 34000/34500 aims 33500 and minimal support at 31700/500. Below 31000, a retest of 29000/28500 is possible. A double bottom here would contribute to improving the medium-term picture. On any additional losses, keep an eye out for support around 27500/27000.
Ripple has fallen below 0.5090/5080, our final goal. What an audible!!! We came to a halt just here. However, we are not seeing any obvious purchase signal or bullish pattern. We peaked precisely at the first resistance level of 0.6450/6550, which was anticipated to be the day’s high! However, a break higher today may reach 0.7330/7380. At 0.8500/8600, expect significant resistance.
The high for 2019 is 0.4940. A breach below this level would be disastrous for bulls and would likely result in a fall below 0.4400/4350.
Ethereum challenged critical 200-day moving average support at 1875/65 and critical Fibonacci 61.8 percent support at 1728. Purchasers rushed in. This may be the conclusion of the collapse, with a massive double bottom pattern… However, if bulls are unable to maintain prices above 1700, we may target 1550.
Bulls have an unambiguous obligation to keep prices over 1700. Minor resistance at 1970/2000, however beyond this level, 2130/2150 may be targeted. We should struggle to break through this level, so keep an eye out for a day’s high. Above 2200, a break may target the extremely strong resistance at 2300/2400.
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