Crypto Update: Bitcoin Outlook Is More Positive
Jason Sen | Nov 15, 2021 06:19AM ET
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Bitcoin dipped to strong support at 62000/61500 with a bounce 250 ticks above.
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Ripple has stabilized after the bearish engulfing candle on Wednesday. We held first support at 12100/12050 for a more positive outlook this week.
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Ethereum consolidates after the bearish engulfing candle so we are trading sideways in what is probably a bull flag.
h2 Today's Analysis/h2
Bitcoin outlook is more positive now that we've held strong support at 62000/61500. If we can hold above 64500, we can target 66000/66500, then retest 68000/68500. A break higher is a buy signal. Best support is at 62000/61500. I would try longs with stops below 60000. A break below 59000 is an important sell signal.
Ripple has minor resistance at 12050/12100. A break higher targets 12600/12650. We should struggle here initially, but a break higher eventually targets 12900/13000. Above here look for 13330/13380 before a retest of the recent high at 13450/13500. Strong support at 11300/200. A break below 10150 however is a sell signal targeting 10750.
Ethereum has minor resistance at 4700/50 this time. Further gains meet strong resistance at 4830/4860. Obviously a break above the all time high puts bulls back in the driver's seat over this week initially targeting 4940/50, then 5165/85.
First support at 4550/4500. Longs need stops below 4450. A break lower is an important sell signal for today targeting 4350/30. A low for the day is likely. Longs need stops below 4300. A break below here is a more serious sell signal, initially targeting 4170/50, but 4050/4000 is certainly possible.
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