3SigmaMarkets Crypto Outlook Report 17th Aug 2021

3SigmaMarkets Crypto Outlook Report 17th Aug 2021

Bitcoin

BTC price action appears to be a bullish breakout, the price is above the psychologically important 200 Day Moving Average. The key trading level is at 45243 (200 Day Moving Average), the price action appears to be capped by 47970 (26^th April 2021 Swing Low) resistance level. A confirmed breakout above 47970 level could appear Bullish targeting additional upside resistances at 50000 (Round Number) followed by 51820 and 52680 – 54555 levels.  Alternatively, a confirmed loss of the initial downside support at 42912 (20 Day Moving Average) could appear bearish targeting additional supports at 41480 followed by 38750 and 37177 (50 Day Moving Average) levels.

Possible Trade Set-Up: A rally higher from the current Daily Key Trading Level at 45243 level and a confirmed breakout above daily resistance at 47970 could support a Bullish outlook targeting upside resistances at 50000 followed by 51820 and 52680 – 54555 levels. Alternatively, a confirmed breakout below 41480 level and an End of Day close lower; would invalidate the Bullish trade set up.

 XRP

XRP price action appears to be a Bullish breakout. The key trading level is at 1.0736 (11^th Aug Daily Swing High). The upside is capped by the initial resistance at 1.3500 level.  A confirmed breakout above initial resistance at 1.3500 level could appear Bullish targeting additional upside resistances at 1.4475 followed by 1.5000 (Round Number) and 1.5770 levels. Alternatively, a confirmed loss of the current support at 1.0736 level, could support a bearish outlook targeting additional downside supports at 1.0000 (Round Number) followed by 0.9130 and 0.8120 (200 Day Moving Average) levels.

Possible Trade Set-Up: A rally higher from the key trading level at 1.0736 level and a confirmed breakout above 1.3500 resistance level could support a Bullish outlook targeting upside resistances at 1.4475 followed by 1.5000 levels. Alternatively, a confirmed loss of 1.0000 level and an End of Day close below; would invalidate a Bullish trade set up.

Ethereum

ETH price action appears to be a bullish breakout. The Key trading level is at 3,000 (Round Number). The upside is capped by initial resistance at 3,337 (16^th May Swing Low) level.  A confirmed breakout above 3,337 appears Bullish targeting resistances at 3,520 (13th May Swing Low) followed by 3,690 and 3870 levels. Alternatively, a confirmed loss of the initial downside support at 2,870 (09^th Aug Daily Swing Low) level could support a Bearish outlook targeting additional downside supports at 2,797 followed by 2,650 (01^st Aug Daily Swing High) levels.

Possible Trade Set-Up: A Bullish rally from the key trading level at 3,000 level and a confirmed breakout above 3,337 resistance level could support a Bullish outlook targeting upside resistances at 3,520 followed by 3,690 – 3,869 levels. Alternatively, a confirmed loss of 2,870 level and an End of Day close below; would invalidate a Bullish trade set up.