Bitcoin: Buying Opportunity At 54500/54000
Jason Sen | Nov 16, 2021 05:17AM ET
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Bitcoin breaks strong support at 62000/61500 which is a major problem for bulls. A break below 60000 is an important medium sell signal (and I think this will happen).
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Ripple may have decided where we are going after the bearish engulfing candle on Wednesday last week. Finally we are seeing follow through to the downside.
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Ethereum sees a delayed reaction after the bearish engulfing candle. WE HAVE AN IMPORTANT SELL SIGNAL.
Bitcoin outlook is a lot more negative as we break support at 62000/61500. A break below 60000 is an important sell signal targeting 58000/57500 but I doubt this will hold on the next test. Further losses are likely to target 56000 and a buying opportunity at 54500/54000, with stops below 53000.
We now have a big resistance band at 62000/64000. I can't see prices recovering above here. If I am wrong, we have a buy signal on a break above 64500.
Ripple just collapsed overnight to break last week's low at 11200. The last line of defense for bulls is the 100 day moving average at 11100. I would not bet on a bounce from here myself. A break below 11000 is an important sell signal in the medium term targeting 10750/10700 but I can easily see 9999 hit eventually.
Gains are likely to be limited with resistance at 11600/11700.
Ethereum's oversold support at 4550/4500 was an important sell signal targeting 4350/30. The break below here is a more serious sell signal this morning initially targeting 4170/50 but 4050/4000 is certainly possible.
Bulls require a very quick recovery above 4360 to rescue the bull trend. However, we meet very strong resistance at 4510/30.
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