Daily Report – Bitcoin and Market Update (October 03 2020)

By Cryptobirb


Daily candles shaping up in the form of symmetrical triangle/bearish pennant, trapped on the upside by 50-day moving average at 11000 and the upper downtrend line resistance. Local resistance and middle symmetry level of the triangle is VWAP ~10650. For the key support, there is 200-day average 9400s, that may happen to be the actual bounce level in case BTC/USD declines sharply based on news-driven FUD, overall legacy markets uncertainty, Trump’s health conditions, etc. Sadly, all of these events currently have significantly bigger significance, than on regular, non-election times. Full bullish scenario and upside continuation over 14k would come only after successful reclaim over MA50 and the upper trendline of the descending channel. Until then, bitcoin remains under the short-term bearish/neutral impact coming from latest FUDs, news, hacks, uncertainties with chances the symmetrical triangle breaks, and reaches downside target at 9.2-9.3k (keep some bids open there just in case)


MTF picture shows similar formula to the larger Head & Shoulders 12.5-9.8k. Local neckline breakdown combined with break of MA50, MA200 and VWAP proving that local bears are in control. The distribution breakdown target reaches as low as 10250-10300 and this can be expected unless MA resistance cluster 10600-10700 is invalidated with a strong upthrust buying candle. Overall market uncertainty is apparently making many of traders wait on the sidelines not participating in this non-directional market, accounting US elections, Trump’s health conditions (yes, one tweet from him can collapse or pump the markets…). There are not many buyers, while the selling pressure is not really extraordinary. It simply seems really traders are choosing to wait, which makes the market slowly decline and bleed, while any bullish news can make it reverse easily. Big upside movement is expected when 11250 is broken and reclaimed as a new support. Similarly, although less probably, breakdown of 10250 lows may bring low 9000s to buy the long position there. Long-term principles remain as bullish as it could only ever get. Also, don’t forget that the last -60% discounts you will ever see for all of our exclusive memberships, is about to expire in hours…