10.16.2020 Update (Fri)

$11,509

+0.71%

BTC

$377.9

-0.27%

ETH

$0.2460

-1.36%

XRP

$49.58

-0.52%

LTC

$262.3

+1.26%

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. Yesterday, 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

NEUTRAL TO BEARISH

Sentiment is now mixed with BitMex and Bitfinex on the bullish side. Unfortunately, this is a short-term slightly bearish sign. As mentioned in the past few days, I think the upward momentum is not over with more upward legs for Elliot wave counts. The daily BTC RSI is also bullish (finding support at the 60 lvl). What this means is we have a chance to retest the 11.2-11.3k region soon. Be ready to buy the dips.

ETH

NEUTRAL TO BEARISH

Sentiment now bullish, which is a bearish sign. Similar to BTC, an upward move will likely come soon.

XRP

neutral

Sentiment mixed. At support. Potentially more bullish than BTC & ETH today (bullish divs already 1hr – ). Wait for 1hr RSI holds support at its MAs.

LTC

NEutrAL to BEARISH

Sentiment overly bullish à bearish sign. Technicals loosing strentgth.

BCH

NEUTRAL

Open interest died down for BCH in the past 24hours. Potential sideway actions today, which will give the Bitmex sentiment some time to cool down. Technical speaking, BCH still remains the most bullish.

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