October 28th Market Analysis from LBank Derivatives
BTC
BTC(BTC/USD) BTC first cleared stops below the trend line support of the symmetrical triangle by liquidity grab wicks. After that it breakout symmetrical triangle retested successfully and we have seen a good bounce toward the marked liquidity zone.
Currently, it again came back below the horizontal resistance after grabbing the upward liquidity, which is a no man’s land for BTC.
Bulls need to give a close above $21,111 with a retest above it for the confirmation of a bullish trend in the market, while continuous rejection from here will result in a downward move toward $19,600 support.
Resistance level to watch out for: $21k
Support level to watch out for: $19.6k
ETH
Today, ETH(ETH/USD) breakout this big descending channel. Currently, it looks like it will retest this channel, and then we can expect some good bounce from there. Technical we can expect almost 30% bounce according to the pattern. Accumulate ETH between $1490 to $1460.
Resistance level to watch out for: $2000
Support level to watch out for: $1410
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