Weekday Update (9.17.2020)
Long-term Outlook
The big picture on the daily time frames
BTC
Bullish
BTC remains in a bullish trend, and we are in the dip zone. However, the SOPR needs to pick up in the next few days in order for the bull trend to continue. Which means, at this point, if BTC drops below 10k, the trend will likely switch to bearish, which will completely alter the current strategies. Before then, buy the dips.
Short-term Outlook
The ever changing battlefields on the hourly time frames
BTC
Neutral to Bullish
Sentiment slightly bearish on Bitmex and Huobi, neutral on Bitfinex, and slightly bullish on FTX. Start taking scalping profits while there’s still liquidity. For smaller positions, we will likely retest the 11.3k level.
ETH
Neutral
Mixed sentiment across exchanges. Open interest remains at low levels.
XRP
Neutral TO BEARISH
Similar to ETH, XRP sentiments are mixed across exchanges. However, with most exchanges getting to the overly bullish side, and a bearish hourly candle, XRP has more downside room than up in the next 24 hours.
LTC
Neutral
Mixed sentiments across exchanges. Not conclusive at this point.
BCH
BEARISH
Sentiment slightly bullish to bullish across all exchanges. More room to drop than rise for now. Open interest high -> more chance of the drop happening. I wouldn’t long BCH in the next 24 hours.
