October 31st Market Analysis from LBank Derivatives
BTC
BTC(BTC/USD) was lower the previous day after retracing its resistance zone, and its uptrend line was broken due to the divergence seen by the RSI and the price reversal. The decline continued to the $20,400 range, and a small positive reaction to this area was seen. But we expect this decline to continue, and given that BTC is in a range zone, it could further decline to $20,000 if it breaks its current support.
Resistance level to watch out for: $21k
Support level to watch out for: $19.6k
ETH
Ethereum’s (ETH/USD) price is still bullish on the 4-hour and 1-hour time frames, and considering that it has broken a dynamic resistance, it can be associated with a positive reaction with a pullback to this range, located at the price of $1510–1540. Therefore, you can consider the specified range for today. As long as this support holds, ETH can rally to the resistance in the $1,700-$1,780 range. A negative divergence has been detected on the RSI indicator, which we can expect the next move will probably be Ethereum’s last move for the short term. After that, we expect a deeper correction from the next resistance.
Resistance level to watch out for: $2000
Support level to watch out for: $1410
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