10.13.2020 Update (Tue)
$11,535
+1.42%
BTC
$386.7
+3.30%
ETH
$0.2563
+0.27%
XRP
$50.61
+0.26%
LTC
$239.9
+0.27%
BCH
Long-term Outlook
The big picture on the daily time frames
BTC
Bullish
BTC remains in a bullish trend with the active seller group still selling in profit. As mentioned in the weekly outlook, we are fairly bullish for the week ahead, and I think the focus should be remaining on the bull side, not taking profit too early, and buying the dips when possible. Weekly resistance at 11.9k. Weekly support at 11.2-11.3k (past resistance). SL for long could be set around 11k.
Short-term Outlook
The ever changing battlefields on the hourly time frames
BTC
NEutrAL to bullish
Sentiment now neutral. Given the bullish fundamentals and the current uptrend, I don’t think there’s a need for profit-taking until the market gets overly bullish. The 5 waves to the upside likely not over yet. One key thing to note is that the daily BTC RSI is now going to close above 65+. If you scroll to the left on the daily chart, you’ll see this generally indicates a continued bullish momentum.