Bulls are most likely in control as CPI reports do little damage to the market, Yellen starts flirting with the idea of CBDCs, all and all, this Crypto Weekly report is just another example of unpredictability being normality in Crypto!
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Bitcoin (BTC) just went on an extreme roller-coaster ride this week from 20k to 18.3k and back to 19.8k. Somehow and surprising to most of Crypto Twitter, BTC still manages to hold that critical 18-19k level despite the CPI data and all the FUD that came along.
Our recent forecasts highlighted the 4H and 1D Sell Side Liquidity at $18,900 and $18,500, respectively, as we waited to see if the bears had more selling pressure in them before the bulls took over upon 1D liquidity being triggered.
Upon bearish CPI news this week we saw the bears push price past the $18,500 level tapping into the extreme order-block of the 22 day range at which point we had no other path but to aggressively move back into premium and mitigate the extreme order-block of the range. Now we wait to see if price will make its way back into discount to end the week or if we edge higher into the $20,000-$20,500 range.
This week we saw a continuation of the low volatility range we have been stuck in over the past 22 days.
However, we have now taken daily sell-side liquidity at $18,500 which has fuelled a bullish move above the psychological $20,000 price level. At this point we have seen order-flow take place from the extreme low on the 18th of June, to the 20th of September low and now on the 10th of October, at this point probability of bulls pushing price into the $21,000-$22,700 range is high, as if the bears take hold we will be seeing sub $17,500 price levels.
Ethereum (ETH) had a modest 2% decline this week, while XRP saw a nice 3% pump. Since the $1,275 price floor broke this week, Ethereum bulls have reentered the market. Limitations to bearish sentiment are now starting to disappear.
This week continued the low volatility range that both BTC/USD and ETH/USD have been recently ranging within.
As expected, we saw bears stall at the intraday order-flow zone around the $1270 region, where bulls had a chance to take over, however like BTC, upon bearish CPI news, we had a high vol bearish session where price made its way deeper into the order-flow bullish order-block on the daily chart. As price continues deeper into discount of the range, the potential for a bullish move up into premium seems likely, unless we see macro events that usher in further weakness to the overall crypto market.
Bitcoin (BTC) just went on an extreme roller-coaster ride this week from 20k to 18.3k and back to 19.8k. Somehow and surprising to most of Crypto Twitter, BTC still manages to hold that critical 18-19k level despite the CPI data and all the FUD that came along.
Our recent forecasts highlighted the 4H and 1D Sell Side Liquidity at $18,900 and $18,500, respectively, as we waited to see if the bears had more selling pressure in them before the bulls took over upon 1D liquidity being triggered.
Upon bearish CPI news this week we saw the bears push price past the $18,500 level tapping into the extreme order-block of the 22 day range at which point we had no other path but to aggressively move back into premium and mitigate the extreme order-block of the range. Now we wait to see if price will make its way back into discount to end the week or if we edge higher into the $20,000-$20,500 range.
This week we saw a continuation of the low volatility range we have been stuck in over the past 22 days.
However, we have now taken daily sell-side liquidity at $18,500 which has fuelled a bullish move above the psychological $20,000 price level. At this point we have seen order-flow take place from the extreme low on the 18th of June, to the 20th of September low and now on the 10th of October, at this point probability of bulls pushing price into the $21,000-$22,700 range is high, as if the bears take hold we will be seeing sub $17,500 price levels.
Ethereum (ETH) had a modest 2% decline this week, while XRP saw a nice 3% pump. Since the $1,275 price floor broke this week, Ethereum bulls have reentered the market. Limitations to bearish sentiment are now starting to disappear.
This week continued the low volatility range that both BTC/USD and ETH/USD have been recently ranging within.
As expected, we saw bears stall at the intraday order-flow zone around the $1270 region, where bulls had a chance to take over, however like BTC, upon bearish CPI news, we had a high vol bearish session where price made its way deeper into the order-flow bullish order-block on the daily chart. As price continues deeper into discount of the range, the potential for a bullish move up into premium seems likely, unless we see macro events that usher in further weakness to the overall crypto market.
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