26.09.22 - 03.10.22
Last week results
Instruments:
Another week with losses all over the Crypto Market, however, it seems that the downfall has stopped, and we are looking at breakout patterns.
▶️ The crypto markets were mixed last week after the FED announcements, where the market dropped 5%, and in less than 2 hours it recovered. High volatility was expected, however, the weekend was very disappointing.
▶️ Another reason is the energy crisis in Europe which can put a toll on the economy as well as the mining businesses. However this crisis has not affected the USA in full, and Bitcoin mines are still on profit.
▶️ On Sunday evening and early Monday, some clear indicators and multiple support hits and rejections. This was not just for Bitcoin but for other crypto instruments, this can indicate possible breakouts for their pricing.
These week’s key events
Another week with losses all over the Crypto Market, however, it seems that the downfall has stopped, and we are looking at breakout patterns.
▶️ The crypto markets were mixed last week after the FED announcements, where the market dropped 5%, and in less than 2 hours it recovered. High volatility was expected, however, the weekend was very disappointing.
▶️ Another reason is the energy crisis in Europe which can put a toll on the economy as well as the mining businesses. However this crisis has not affected the USA in full, and Bitcoin mines are still on profit.
▶️ On Sunday evening and early Monday, some clear indicators and multiple support hits and rejections. This was not just for Bitcoin but for other crypto instruments, this can indicate possible breakouts for their pricing.
📈 Bitcoin at a crucial support level
Bitcoin (BTCUSDT) is looking for a breakout from a triangle pattern. If the momentum is kept and the price will love ofer 19,500$, we might actually see a price increase to 20, 000 then we might be able to view an attack to 21,200 which is can be a crucial level.
💡 3 reasons to buy Bitcoin now:
🔹The market usually has spiked when breakouts occur. We are in our 3rd week of a downtrend, usually, we see the market react on the key support lines.
🔹Realized HODL Ratio looks that is moving down, however, the price remains stable, a clear indication that the market was manipulated and looks to stabilize in the near future.
Image Bitcoin HODL Ratio. Source: Glassnode
🔹Technical analysis: The RSI seems to be mid-point, meaning that it’s somehow waiting for good news to move up. The Awesome Oscillator indicator tries to rever to a bullish pattern. If the price moves over 19,500 the breakout will be confirmed and we could see Bitcoin move to 20, 000 and then slowly to 21,00. However, if it falls under 18,600 we will probably see it back to the 18, 000 mark or even lower.
❗️ Use this opportunity to make the right decision.
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