Bitcoin: A Break Above $25,000 Is A Buy Signal
2022.08.17 15:33
Bitcoin holding very strong resistance at 24800/25000 and this does look like a large bear flag forming – so a break lower would be expected eventually.
BTC Chart
Ripple is holding first support at 3650/3600, which gives some hope to bulls.
Ethereum must now hold first support at 1850/1800 to target 2000/2020 and 2100/2120.
Today’s Analysis
Bitcoin bounced to targets of 23400/500 and 24200/300 with very strong resistance at 24800/25000. A break higher is another buy signal targeting 26000, perhaps as far as 26300/400.
Shorts at very strong resistance at 24800/25000 target 23250/150. On further losses look for 22300/100, perhaps as far as the lower trend line of the bear flag at 21000/20900. A break below 20800 therefore is an important sell signal.
Ripple reverses from first resistance at 3800/50 but holds first support at 3650/3600. A break lower targets 3450/3400. Below here is a sell signal targeting 3200.
Holding first support at 3650/00 targets first resistance at 3800/50. A break above 3900 targets 4000 and 4100.
Ethereum beat strong resistance at 1820/50 and obviously bulls must hold prices above here to target 2000/2020 and 2100/2120. If we continue higher look for 2230.
Failure to hold above 1800 is a sell signal, initially targeting 1680/60 then strong support at 1530/1480.
