10.15.2020 Update (Thu)

$11,427

-0.00%

BTC

$378.9

-0.63%

ETH

$0.2494

-2.88%

XRP

$49.84

-0.20%

LTC

$259.1

+2.19%

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. A few hours ago, Grayscale also announced their $1Billion quarter for Q3 – largest ever quarterly inflow. This further confirms the bull trend and indicates the current price level is hardly the top.

Short-term Outlook

The ever changing battlefields on the hourly time frames

BTC

bullish

Sentiment is now on the overly bearish side, which is a bullish sign. 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. The thing is even though we could retrace to 11.2kish, there’s no guarantee the retracement will be hit, and the chance of us going higher than 11.5k is high. So, I like the R:R for entering long at the current level.

ETH

bullish

Sentiment now overly bearish. Similar to BTC, an upward move will likely come soon.

XRP

neutral to bULLISH

Sentiment now bearish across exchanges, which is a bullish sign (especially when we are in a bull trend).

LTC

NEutrAL to bullish

Not much bias on sentiment yet, but if BTC moves up, LTC will likely follow.

BCH

bullish

Same as yesterday, BCH sentiment remains on the bearish side (bullish sign). Flag in development. More upward momentum coming. Open interest at a much more ideal level compared to that of BTC / ETH. In other words, the chance of large moves on BCH is higher than the chance of large moves on BTC / ETH.

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