Cryptonaire weekly magazine 256th edition is out now
Bitcoin and several major cryptocurrencies have been stuck in listless sideways price action for the past several weeks. There is a silver lining in this rangebound action because Bitcoin has not broken below its June low even though the S&P 500 and the Nasdaq hit new year-to-date lows last week. This is a sign that the weakness in the United States equities markets has not caused a capitulation in Bitcoin.
The US consumer price index rose 0.4% in September, more than the Dow Jones estimate of a 0.3% rise. That caused a sharp sell-off in risky assets on October 13 on fears that the Federal Reserve will have to continue with its gigantic rate hikes to curb inflation. CME’s FedWatchTool shows a 98.9% probability of a 0.75% rate hike in November and a 66.4% probability of another 0.75% rate hike in December of this year.
We mentioned in our previous analysis that buyers are expected to aggressively defend the zone between $18,600 and $18,153 and that is what happened. Bitcoin plummeted to $18,131 on October 13 but the long tail on the day’s candlestick shows strong buying at lower levels.
Both moving averages have flattened out and the relative strength index (RSI) is near the midpoint, indicating a balance between supply and demand. The price has been stuck in a range between $18,150 and $20,500.
The recovery has reached the moving averages which may act as resistance but if bulls push the price above it, the next stop could be $20,500.
This is an important level to keep an eye on because if bulls clear this hurdle, the BTC/USD pair could pick up momentum and soar to $22,800. The bears are again expected to defend this level with vigor.
On the downside, the bears need to break the strong support zone between $18,150 to $17,567 to start the next leg of the downtrend.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
Featuring in this weeks Edition:
- Giving to Services
- FlyGuyz
- Collectiverse
- WeedoVerse
- XRPayNet
- indu4.0
- DMGlobal
- Gauss
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XRPayNet: The DeFi Payment Solution for Businesses & Consumers!
indu4.0: Revolving Manufacturing with Blockchain Technology
