3Sigma Markets BTC, XRP, ETH Outlook Report 19th Oct 2021
Bitcoin
BTC price action appears to be a bullish breakout, the price is trading above 20/50 and 200 Day Moving Averages. The key trading level is at 57000, the price action appears to be capped by 63000 (Round Number) resistance level. A confirmed breakout above 63000 level could appear Bullish targeting additional upside resistances at 64600 followed by 66000 and 66500 levels. Alternatively a confirmed loss of the initial downside support at 55000 could appear bearish targeting additional supports at 53550 followed by 51640 levels.
Possible Trade Set Up: A rally higher from the current Daily key trading level at 57000 level and a confirmed breakout above additional upside resistance at 63000, could support a Bullish outlook targeting upside resistances at 64600 followed by 66000 and 66500 levels. Alternatively, a confirmed breakout below 55000 level and an End of Day close lower; would invalidate Bullish trade set up.
XRP
XRP price action appears to be a corrective pullback. The key trading level is at 1.0000 (200 Day Moving Average). The upside is capped by the initial resistance at 1.1600 level. A confirmed breakout above initial resistance at 1.1600 level could appear Bullish targeting additional upside resistances at 1.2830 followed by 1.3740 and 1.5000 levels. Alternatively a confirmed loss of the current support at 0.9000 level, could support a bearish outlook targeting additional downside supports at 0.8474 followed by 0.7510 levels.
Possible Trade Set Up: A rally higher from the key trading level at 1.000 level and a confirmed breakout above 1.1600 resistance level could support a Bullish outlook targeting upside resistances at 1.2830 followed by 1.3740 and 1.5000 levels. Alternatively, a confirmed loss of 0.9000 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 3,385 (50 Day Moving Average). The upside is capped by initial resistance at 4,000 level. A confirmed breakout above 4,000 appears Bullish targeting resistances at 4,164 followed by 4,340 levels. Alternatively a confirmed loss of the initial downside support at 3,385 level could support a Bearish outlook targeting additional downside supports at 3,200 followed by 3,000 and 2,770 levels.
Possible Trade Set Up: A Bullish rally from the key trading level at 3,385 level and a confirmed breakout above 4,000 resistance level could support a Bullish outlook targeting upside resistances at 4,164 followed by 4,340 levels. Alternatively, a confirmed loss of 3,200 level and an End of Day close below; would invalidate a Bullish trade set up.
