10.7.2020 Update (Wed)

$10,602

-1.78%

BTC

$340.78

-3.66%

ETH

$0.2425

-2.11%

XRP

$46.01

-0.34%

LTC

$219.7

-1.99%

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. Two strong supports below are 10.3-10.5k and 9.3-9.6k. SOPR is close to one, 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 to bearish

Sentiment now mixed. CME gap from $10.47k going to be closed soon. BTC is traveling in a triangle with resistance at the 10.7-10.8k zone, and support at 10.3-10.5k. Elliot wave speaking, we are missing a 5th leg downward. So I expect another small bearish push to 10.4k. This would push the Bitfinex sentiment to the bearish side, fueling a bullish move afterwards.

ETH

NEutrAL to bearish

Sentiment neutral to bearish across exchanges. Technicals similar to BTC. Likely retrace to around $345 before another downward leg  to around $330.

XRP

NEutrAL to bearish

Sentiment neutral across exchanges. Technicals similar to BTC.

LTC

NEutrAL to bearish

Sentiment mixed across exchanges. Support at $45.0.

BCH

NEUTRAL to bearish

Sentiment neutral to slightly bullish across exchanges, which is a slightly bearish sign. Likely follow BTC’s move today.

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