10.2.2020 Update (Fri)

$10,617

-1.50%

BTC

$352.9

-1.94%

ETH

$0.2381

-1.53

XRP

$46.24

-0.04%

LTC

$227.9

0.01%

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, which means buying the dips will still be the priority. As mentioned in the weekly outlook, we are in fairly complex Elliot Wave count territory. As a result, a must have entry requirement for longing the current situation is overly bearish short-term sentiment. The drop in BTC price yesterday brought down the SOPR, which means the next dip buying opportunity will likely coincide with a “decr. supply” alert.  

Short-term Outlook

The ever changing battlefields on the hourly time frames

BTC

NEutrAL

Sentiment neutral to bearish, which is a bullish sign. Support at 10.35k. After the current wave 4, we still have a 5th wave to the downside. Bullish momentum will likely continue afterwards. Wait for 1hr & 30min RSI bullish div, and enter on 15min RSI finding support above MAs.

ETH

NEutrAL

Sentiment neutral to slight bearish across exchanges. Technicals same as BTC. 5th sub wave will likely end around 340.

XRP

NEutrAL

Sentiment neutral across exchanges. Technicals similar to ETH. Also needs a sub-wave 5. Support now at 0.234.

LTC

NEutrAL

Sentiment neutral. Technicals showing mixed signals. I would wait till the picture clears up.

BCH

NEUTRAL to bearish

Sentiment neutral to bullish across exchanges, which is a bearish sign. The 4th sub-wave to the upside is potentially finished. Wave 5 likely  coming soon.

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