3SigmaMarkets Crypto Outlook Report 24th Aug 2021
Bitcoin
BTC price action appears to be a bullish breakout, the price is above psychologically important 200 Day Moving Average. The key trading level is at 45670 (200 Day Moving Average), the price action appears to be capped by 51820 (26th March 2021 Swing Low) resistance level. A confirmed breakout above 51820 level could appear Bullish targeting additional upside resistances at 54555 followed by 58845 and 60000 levels. Alternatively a confirmed loss of the initial downside support at 45670 (200 Day Moving Average) could appear bearish targeting additional supports at 41480 followed by 40000 and 38954 (50 Day Moving Average) levels.
Possible Trade Set Up: A rally higher from the current Daily Key Trading Level at 45670 level and a confirmed breakout above daily resistance at 51820 could support a Bullish outlook targeting upside resistances at 54555 followed by 58845 and 60000 levels. Alternatively, a confirmed breakout below 43730 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 1.1000 (19th Aug Daily Swing Low). 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 1.1000 level, could support a bearish outlook targeting additional downside supports at 1.0160 (20 Day Moving Average) followed by 0.9560 and 0.8392 (200 Day Moving Average) levels.
Possible Trade Set Up: A rally higher from the key trading level at 1.1000 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 1.0160 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 3,080 (20 Day Moving Average). The upside is capped by initial resistance at 3,411 (19th May Swing High) level. A confirmed breakout above 3,411 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 3,080 level could support a Bearish outlook targeting additional downside supports at 2,970 followed by 2,870 and 2,800 levels.
Possible Trade Set Up: A Bullish rally from the key trading level at 3,080 level and a confirmed breakout above 3,411 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 2,970 level and an End of Day close below; would invalidate a Bullish trade set up.
