October 19th Market Analysis from LBank Derivatives

BTC

U.S. House of Representatives: Stablecoin bill “will not pass before Congress”. The news is not good for bitcoin’s price. The price slips down to the support/previous range build. Acceptance below 19161 will trigger a new dump. towards 18800. In another case, acceptance above 19532 will possibly lead to a breakout higher which could give bulls a chance to flip the table towards 21k as this week’s $510m BTC options expire on Friday.

Resistance level to watch out for: $20.7k

Support level to watch out for: $18.1k

ETH

ETH is moving down from 1340 resistance and is now forming a descending broadening wedge that usually is a bullish formation. You might long it after breaking up the wedge, always with test confirmation; RSI on 15M is oversold, 30M and 1H is neutral curving up near an overbought position and 4H is oversold.

Resistance level to watch out for: $1450

Support level to watch out for: $1250

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