Cryptonaire weekly magazine 255th edition is out now
Risky assets started the month of October on a strong note but the upward march halted after the September nonfarm payroll numbers showed that the job market remained strong. The nonfarm payrolls increased by 263,000 for the month, a tad lower than the Dow Jones estimate of 275,000, but the unemployment rate fell 3.5%, topping forecasts of 3.7%. This stoked fears of another large rate hike by the Federal Reserve in its November meeting. CME’s FedWatch Tool shows a 78.4% probability of a 75 basis point rate hike in November, up from 59.5% a week before.
The United States equities markets plunged after the CPI print on October 7 and the selling continued at the start of the new week on October 10. This sent the Nasdaq Composite tumbling to its lowest close since July 2020. The next major trigger for the markets could be the September consumer price index data due on October 13.
Economists surveyed by Dow Jones anticipate the CPI to increase by 8.1% annually and 0.3% monthly. We expect volatility to soar following the release of the CPI numbers.
We had highlighted in our previous analysis that $20,500 was the first major hurdle for the bulls and that is where the recovery halted last week. Buyers tried to clear this hurdle between October 4-6 but the bears did not budge.
The BTC/USD pair turned down and broke below the 20-day exponential moving average on October 7. The selling has continued and the pair could next decline to the strong support zone between $18,600 to $18,153.
Buyers are expected to aggressively defend this zone.
If the price rebounds off this zone, the bulls will make one more attempt to push the pair to the overhead resistance at $20,500. If they succeed, the pair could climb to $22,800.
Contrary to this assumption, if the price continues lower and breaks below the support zone, the pair could retest the June low of $17,567.45. A break and close below this level could signal the resumption of the downtrend.
The next support on the downside is at $16,200.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
Featuring in this weeks Edition:
- Immunify.Life
- DMGlobal
- Gauss
- indu4.0
- Collectiverse
- The Revolution Token
- XRPayNet
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EU Lawmakers Pass Landmark Crypto Assets Regulation Bill
indu4.0: We’re revolving manufacturing with blockchain technology!
CollectiVerse launches its NFT public sale and marketplace to build their next generation technology
The Revolution Token to use crypto for revolutionising talent management
Immunify.Life – Transforming the Healthcare Landscape
