October 17th Market Analysis from LBank Derivatives

BTC

The fact that the price has been trading on top of this support zone for an extended period of time is bearish since the support zone becomes WEAKER the more time it is touched. From a purely technical, chart analysis it is most likely the support zone will break soon. The next major zone/whale accumulation zone is only around $12K.

However, now we can only trade following the price actions as BTC has never broken the 18000–21000 zone for a long time. 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: $20.7k

Support level to watch out for: $18.1k

ETH

It is hard for ETH(ETH/USD) to have an independent move. Everything is still following BTC’s action. In the daily time frame, Ethereum is in a descending channel, which shows the ceiling of the 1450 channel, to be bullish, it must reliably break the ceiling of the channel in the 4-hour time frame and see the next targets.

Resistance level to watch out for: $1450

Support level to watch out for: $1250

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