10.8.2020 Update (Thu)

$10,670

+0.64%

BTC

$341.7

+0.26%

ETH

$0.2488

+1.39%

XRP

$46.58

+1.24%

LTC

$223.2

+1.59%

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. Strong support below at 10.3-10.5k. 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 was half closed yesterday to $10.54k, and still have potential to be filled in the next 48 hours. BTC kept the slow upward momentum yesterday, and we are still missing a 5th leg to the downside. Similar to yesterday, I do expect another small bearish push to 10.4k. This would push the Bitfinex and Ftx sentiment to the bearish side, fueling a bullish move afterwards. Do note, if BTC hourly closes above 10.7k today, the analysis above would be invalidated, as wave 4 rarely travels to wave 1 territory.

ETH

NEutrAL to bearish

Sentiment neutral to bullish across exchanges, which is a bearish sign. Technicals similar to BTC. Inverted flag in development, likely another downward leg soon to around $330.

XRP

bEARISH

Sentiment neutral to overly bullish across exchanges, which is a bearish sign. Technicals similar to BTC, but XRP is more bearish compared to BTC/ETH given the sentiment alignment. 4hr and 30min RSIs both failing the MAs.

LTC

NEutrAL to bearish

Sentiment neutral to bullish across exchanges, which is a slightly bearish sign. Support at $45.0. Traveling in an upward sloped channel.

BCH

NEUTRAL

Sentiment neutral to slightly bearish across exchanges, which is a slightly bullish sign. If BTC continues a sideway consolidation today, BCH has the most upward potential out of the 5 coins.

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