2021-07-05 11:14:00

Bitcoin, Ripple And Ethereum Forecasts

trades sideways in what looks more like a consolidation of the bear trend than a reversal pattern. This means we are more likely to head lower eventually as we hold strong resistance at 35500/36000.

However, a break above 36500 is a short term buy signal so be ready to reverse out of any shorts and in to longs.

managing a small recovery to strong resistance at 0.7100/7300. This is now key to direction. So bulls need a clear break above here for a short term buy signal.

has climbed steadily to strong resistance at 2300/2350 in to the end of the week.

Today’s Analysis

Bitcoin shorts at very strong resistance at 35500/36000 target minor support at 33500/33000. A break below 32500 this week sees 31700/500 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.

Strong resistance at 35500/36000 has been tested through most of Sunday. A break above 36500 however is a short term buy signal targeting 38600 and 40000/41000, perhaps as far as resistance at 42400/800.

Ripple crawls higher towards strong resistance at 0.7100/7300. Shorts here target 0.6660/0.6560. On further losses look for 0.6340/6260. A break below 0.6200 then targets 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 at strong resistance at 0.7100/7300 need stops above 0.7350. A break higher can target 0.7800, perhaps as far as 0.8000/8100.

Ethereum bounces back to strong resistance at 2300/2350. Shorts need stops above 2400. A break higher is a buy signal targeting strong resistance at 2600/2650. Bulls then need a break above 2700 for a longer term buy signal.

Holding strong resistance at 2300/2350 targets first support at 2200/2150. If this holds the downside bulls are in with a chance to start to take control longer term. Longs need stops below 2050. A break below here is a sell signal targeting 1950 and probably 61.8% Fibonacci support at 1728.

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