3SigmaMarkets BTC, XRP, ETH Outlook Report 05th 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 44830 (200 Day Moving Average), the price action appears to be capped by 50000 (Round Number) resistance level. A confirmed breakout above 50000 level could appear Bullish targeting additional upside resistances at 51795 followed by 53550 and 55000 levels. Alternatively a confirmed loss of the initial downside support at 44830 (200 Day Moving Average) could appear bearish targeting additional supports at 40000 followed by 37900 and 36000 levels.
Possible Trade Set Up: A rally higher from the current Daily resistance level at 50000 level and a confirmed breakout above additional upside resistance at 51795, could support a Bullish outlook targeting upside resistances at 53550 followed by 55000 levels. Alternatively, a confirmed breakout below 44830 level and an End of Day close lower; would invalidate Bullish trade set up.
XRP
XRP price action appears to be an oversold bounce back. The key trading level is at 0.9640 (200 Day Moving Average). The upside is capped by the initial resistance at 1.0920 (50 Day Moving Average) level. A confirmed breakout above initial resistance at 1.0920 level could appear Bullish targeting additional upside resistances at 1.2275 followed by 1.3330 levels. Alternatively a confirmed loss of the current support at 0.8630 level, could support a bearish outlook targeting additional downside supports at 0.8045 followed by 0.7280 levels.
Possible Trade Set Up: A rally higher from the key trading level at 0.9640 level and a confirmed breakout above 1.0920 resistance level could support a Bullish outlook targeting upside resistances at 1.2275 followed by 1.3334 levels. Alternatively, a confirmed loss of 0.8630 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 3,130 (20 Day Moving Average). The upside is capped by initial resistance at 3,480 level. A confirmed breakout above 3,480 appears Bullish targeting resistances at 3,680 followed by 3,940 levels. Alternatively a confirmed loss of the initial downside support at 3,130 level could support a Bearish outlook targeting additional downside supports at 3,000 followed by 2,770 and 2,640 levels.
Possible Trade Set Up: A Bullish rally from the key trading level at 3,130 level and a confirmed breakout above 3,490 resistance level could support a Bullish outlook targeting upside resistances at 3,680 followed by 3,940 levels. Alternatively, a confirmed loss of 3,000 level and an End of Day close below; would invalidate a Bullish trade set up.
