Posted 10/16/2023, 7:04:36 PM
Earning Season Kicks Off with Cautious Optimism for Stocks Despite Ongoing Crypto Volatility
- S&P 500 started week positively, indicating risk-on sentiment which is bullish
- Volatility likely to pick up with 11% of S&P 500 companies reporting this week
- Grayscale Bitcoin Trust discount at lowest since 2021, indicating investors pricing in spot BTC ETF possibility
- Important overhead resistance levels need crossing to start uptrend in BTC and alts
- BTC surged above 20-day EMA, momentum further picked up above $28,143 but needs close above it
- ETH oscillating between $1,531 and $1,746, needs close above moving averages for upside
- BNB rebounded off $203 support, needs to break downtrend line to invalidate bearish pattern
- XRP stuck between $0.41 and $0.56, needs to break above moving averages for relief rally
- SOL surged above $22.50 resistance, needs close above neckline to complete bullish setup
- ADA bounced off $0.24 support, needs to clear moving averages and $0.28 resistance
- DOGE recovered to $0.06 breakdown level, needs to clear moving averages to start new up-move
- TON trading below moving averages, needs close above them to signal comeback