Weekly Cryptocurrency Market Outlook Oct. 4

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weekly-reportEvery week, BTCManager provides an analysis of the largest cryptocurrencies, highlighting our sentiment and the technical factors that will drive trends in cryptocurrencies such as bitcoin, ether, and litecoin.

BTC-USD (BitStamp)

Last week saw the base line (red) hold as support at $595.42 and the weekly close was at $608.60. The price action last week managed to stay above the floor established two weeks ago at $592.10 and could see the formation of a fractal support level, which would be bullish for BTC-USD. Therefore, s long as the market stays above $592.10, BTC-USD should be more attracted to the upside rather than the downside.

Moreover, the weekly chart below shows that the conversion line has jumped up sharply this week, indicating bullish momentum is stronger than compared to previous weeks. Moreover, the conversion line (blue) looks to make

Read more ... source: TheBitcoinNews