3SigmaMarkets BTC, XRP, ETH Outlook Report 07th Sep 2021
Bitcoin
BTC price action appears to be a bullish breakout, the price is trading above rising trendline and 20/50 and 200 Day Moving Averages. The key trading level is at 48540 (20 Day Moving Average), the price action appears to be capped by 54555 resistance level. A confirmed breakout above 54555 level could appear Bullish targeting additional upside resistances at 57150 followed by 58845 and 60000 levels. Alternatively a confirmed loss of the initial downside support at 48550 (20 Day Moving Average) could appear bearish targeting additional supports at 45860 (200 Day Moving Average) followed by 43480 (50 Day Moving Average) and 41446 levels.
Possible Trade Set Up: A rally higher from the current Daily Key Trading Level at 48550 level and a confirmed breakout above daily resistance at 54555, could support a Bullish outlook targeting upside resistances at 57150 followed by 58845 and 60000 levels. Alternatively, a confirmed breakout below 45860 level and an End of Day close lower; would invalidate Bullish trade set up.
XRP
XRP price action appears to be a bullish breakout. The key trading level is at 1.1936 (20 Day Moving Average). The upside is capped by the initial resistance at 1.4475 level. A confirmed breakout above initial resistance at 1.4475 level could appear Bullish targeting additional upside resistances at 1.5000 followed by 1.5770 and 1.7500 levels. Alternatively a confirmed loss of the current support at 1.1936 level, could support a bearish outlook targeting additional downside supports at 1.1040 followed by 1.0400 and 0.9460 (50 Day Moving Average) levels.
Possible Trade Set Up: A rally higher from the key trading level at 1.1936 level and a confirmed breakout above 1.4475 resistance level could support a Bullish outlook targeting upside resistances at 1.5000 followed by 1.5770 and 1.7500 levels. Alternatively, a confirmed loss of 1.1040 level and an End of Day close below; would invalidate a Bullish trade set up.
ETH price action appears to be a bullish breakout. The Key trading level is at 3,564. The upside is capped by initial resistance at 4,000 (Round Number) level. A confirmed breakout above 4,000 appears Bullish targeting resistances at 4,100 followed by 4,212 and 4,333 levels. Alternatively a confirmed loss of the initial downside support at 3,564 level could support a Bearish outlook targeting additional downside supports at 3,388 (20 Day Moving Average) followed by 3,195 and 3,000 levels.
Possible Trade Set Up: A Bullish rally from the key trading level at 3,564 level and a confirmed breakout above 4,000 resistance level could support a Bullish outlook targeting upside resistances at 4,100 followed by 4,212 and 4,333 levels. Alternatively, a confirmed loss of 3,388 level and an End of Day close below; would invalidate a Bullish trade set up.
