10.16.2020 Update (Fri)
The big picture on the daily time frames
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.
The ever changing battlefields on the hourly time frames
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.