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Bitcoin should now return to its long-term downward trend.

  • Bitcoin’s high for the day was right at a strong point of resistance at 20300/400, and the bear trend is back on track.
  • Ripple shot back up to its 50-day and 100-day moving averages, which are 3500 and 3600. Prices fell from right around here.
  • Ethereum broke first support at 1700/1650 and is now testing support at the 100-day moving average at 1500/1450. This must hold, or the longer-term bear trend will start up again.

Daily analysis

Bitcoin should now go back to the longer-term trend of going down. Strong resistance at 20300/400 is likely to keep gains in check. More trouble between 20900 and 21000.

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We went down to 196000. There is a good chance that the price will go down even more in the future. The target is 19500/450, then 19150/19000. Eventually, a retest of the low in September, at 18550/500, is likely, and so is a retest of the low in 2022, at 17588.

Ripple went up to the 50-day and 100-day moving averages of 3500 and 3600, and then it went down to my target of 3380 and 3700. Now that the longer-term bear trend has probably started again, the market is likely to go down even more. The targets are 3280 (which was hit yesterday) and 3180/70, and the market could go as low as last week’s low at 3130/20. If this level is broken over the weekend, it’s clear that the next sell signal will be to aim for the low for 2022 (so far!) at 2900/2870.

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First point of trouble is at 3300/3320. Again, there was strong resistance at 3430/80.

At 1500/1450, where the 100-day moving average is, Ethereum looks for support. This must hold, or the longer-term bear trend will start up again. If the August low of 1421 is broken, 1366/56 and 1250 are next in line.

First point of trouble is at 1540/80. Strong opposition between 1650 and 1700.

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