3SigmaMarkets BTC, XRP, ETH Outlook Report 12th 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 52440, the price action appears to be capped by 60000 (Round Number) resistance level. A confirmed breakout above 60000 level could appear Bullish targeting additional upside resistances at 63000 followed by 64600 levels. Alternatively a confirmed loss of the initial downside support at 52440 could appear bearish targeting additional supports at 50000 followed by 47590 levels.
Possible Trade Set Up: A rally higher from the current Daily resistance level at 52440 level and a confirmed breakout above additional upside resistance at 60000, could support a Bullish outlook targeting upside resistances at 63000 followed by 64600 levels. Alternatively, a confirmed breakout below 50000 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 1.0760 (50 Day Moving Average). The upside is capped by the initial resistance at 1.2830 level. A confirmed breakout above initial resistance at 1.2830 level could appear Bullish targeting additional upside resistances at 1.3740 followed by 1.5000 levels. Alternatively a confirmed loss of the current support at 1.0760 level, could support a bearish outlook targeting additional downside supports at 0.9840 followed by 0.9000 levels.
Possible Trade Set Up: A rally higher from the key trading level at 1.0760 level and a confirmed breakout above 1.2830 resistance level could support a Bullish outlook targeting upside resistances at 1.3740 followed by 1.5000 levels. Alternatively, a confirmed loss of 0.9840 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 3,320 (50 Day Moving Average). The upside is capped by initial resistance at 3,800 level. A confirmed breakout above 3,800 appears Bullish targeting resistances at 4,000 followed by 4,340 levels. Alternatively a confirmed loss of the initial downside support at 3,320 level could support a Bearish outlook targeting additional downside supports at 3,200 followed by 3,000 and 2,700 levels.
Possible Trade Set Up: A Bullish rally from the key trading level at 3,320 level and a confirmed breakout above 3,800 resistance level could support a Bullish outlook targeting upside resistances at 4,000 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.