3SigmaMarkets BTC, XRP, ETH Outlook Report 26th 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 60000 (Round Number), the price action appears to be capped by 66890 (Daily Swing ATH) resistance level. A confirmed breakout above 66890 level could appear Bullish targeting additional upside resistances at 68800 followed by 70000 and 71200 levels. Alternatively a confirmed loss of the initial downside support at 58900 (20 Day Moving Average) could appear bearish targeting additional supports at 55100 followed by 52770 and 50900 (50 Day Moving Average) levels.
Possible Trade Set Up: A rally higher from the current Daily resistance level at 66890 level and a confirmed breakout above additional upside resistance at 68900, could support a Bullish outlook targeting upside resistances at 70000 followed by 71200 levels. Alternatively, a confirmed breakout below 58900 level and an End of Day close lower; would invalidate Bullish trade set up.
XRP
XRP price action appears to be a sideways consolidation. The key trading level is at 1.0130 (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 1.2500 followed by 1.3330 and 1.4000 levels. Alternatively a confirmed loss of the current support at 1.0130 level, could support a bearish outlook targeting additional downside supports at 0.9430 followed by 0.8630 and 0.8050 levels.
Possible Trade Set Up: A rally higher from the key trading level at 1.0130 level and a confirmed breakout above 1.1600 resistance level could support a Bullish outlook targeting upside resistances at 1.2500 followed by 1.3330 and 1.4000 levels. Alternatively, a confirmed loss of 0.9430 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 4,000 (Round Number). The upside is capped by initial resistance at 4,330 (Intraday ATH) level. A confirmed breakout above 4,330 appears Bullish targeting resistances at 4,550 followed by 4,750 levels. Alternatively a confirmed loss of the initial downside support at 3,860 level could support a Bearish outlook targeting additional downside supports at 3,750 (20 Day Moving Average) followed by 3,600 and 3,430 levels.
Possible Trade Set Up: A Bullish rally from the key trading level at 4,000 level and a confirmed breakout above 4,330 resistance level could support a Bullish outlook targeting upside resistances at 4,550 followed by 4,750 levels. Alternatively, a confirmed loss of 3,860 level and an End of Day close below; would invalidate a Bullish trade set up.
