October 14th Market Analysis from LBank Derivatives

BTC

Yesterday the market experienced big volatility mainly caused by the announcement of CPI data. The data was 8.2% and slightly higher than the expectation. The price of BTC(BTC/USD) rapidly dumped to $18190 before the release of CPI data. However, the support level of around $18000 holds the ground again. The price goes back to $19800 and continuously moves in the box formed by the resistance level of $20400 and support level of $18500.

Now if it crosses & stays above $20200 levels then we can see $20700-$21500 levels. On the downside, $18100-$17400 will act as strong support.

Resistance level to watch out for: $20.4k

Support level to watch out for: $18.5k

ETH

ETH(ETH/USD)’s situation is similar to BTC’s but weaker. The price of it fell below the support level of $1250 and hit $1190, but quickly bounced back to the $1320 level now. Again we are in the range of $1220-$1350 for now. We can see a change in the trend only if it goes above $1400 else $1220 will act as support!

Resistance level to watch out for: $1400

Support level to watch out for: $1250

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