Bitcoin: Break Back Above $23000 Needed For A Buy Signal
2022.07.26 12:42
Bitcoin we wrote: bulls failed to hold prices above $23000/$22500, killing the buy signal.
All is lost for the bull as the bear trend resumes.
BTC Daily Chart
Ripple cannot build upward momentum and is stuck in a narrow sideways trend.
Ethereum break of support at $1500/$1450 this morning is a sell signal.
We reached $1630.
Daily analysis
Bitcoin had their chance to beat 200 week moving average. The break below $22200 targeted $21400/$21200 and $21000/$20900, being hit as I write and further losses are expected now of course to $20500/$20400, perhaps as far as $20100/$20000. Eventually we should hit $19000/$18900.
First resistance at $22100/$22300. Strong resistance at $22900/$23000. We need a break back above $23000 for a buy signal initially targeting $24600/$24700.
Ripple broke support at $3450/$3400 and a break below $3300 resumes the 8 month bear trend initially targeting $3200 and $3130/$3120. Further losses test the July low at $3040/$3020 – I doubt this will hold!
XRP Daily Chart
First resistance at $3400/$3450. Strong resistance at $3550/$3600.
Ethereum breaks support at $1500/$1450 for a sell signal targeting $1400, $1320, probably as far as $1250.
Bulls need prices above $1500 but we meet resistance again at $1550/$1575.
ETH Daily Chart
