Hopium was activated this week as Bitcoin bottom speculators suggested this may be it and crypto briefly decoupled from stock markets. Regulatory enforcement was hot and heavy but the SEC lost a battle against Ripple Labs.
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Bitcoin (BTC) and the larger crypto markets decoupled from stock markets early in the week with a refreshing show of green as stocks slid to news of increased inflationary pressures. However, BTC then dipped, completing a Bart Simpson pattern before reversing again.
On the 2-hour BTC chart, we can see a descending triangle form with multiple bounces off support.
Next week will be a crucial time to determine the direction of this market. There doesn’t seem to be much evidence that it’ll be a dramatic shift, but there will be attempts made by both bulls and bears to take control of the price of Bitcoin.
One of our favorite macro indicators is looking at the 50 & 200 EMA respectively and seeing the gap width to determine the market’s overall sentiment.
When we look at the 1-day chart of BTC while running the 50 & 200 EMA, we see that the gap between the two is nearing 2022's all-time high. Currently, the gap between the two is $6,653, with Bitcoin sitting 1k under the 50 EMA. Long story short - we’re far from a bull market.
Ethereum (ETH) price saw some heavy volatility with a midweek surge & plunge, but evened out the week down only .1%. The chaos in Ethereum markets in the last few weeks have led some analysts to question if the Merge was really worth it.
EGLD just had a breakout of a descending triangle that formed throughout September.
Now after nearly 12 hours trading EGLD seems to show a preference in market direction. However, it won’t be easy since there are a few points of potential resistance at around the $51 and $54!
Bitcoin (BTC) and the larger crypto markets decoupled from stock markets early in the week with a refreshing show of green as stocks slid to news of increased inflationary pressures. However, BTC then dipped, completing a Bart Simpson pattern before reversing again.
On the 2-hour BTC chart, we can see a descending triangle form with multiple bounces off support.
Next week will be a crucial time to determine the direction of this market. There doesn’t seem to be much evidence that it’ll be a dramatic shift, but there will be attempts made by both bulls and bears to take control of the price of Bitcoin.
One of our favorite macro indicators is looking at the 50 & 200 EMA respectively and seeing the gap width to determine the market’s overall sentiment.
When we look at the 1-day chart of BTC while running the 50 & 200 EMA, we see that the gap between the two is nearing 2022's all-time high. Currently, the gap between the two is $6,653, with Bitcoin sitting 1k under the 50 EMA. Long story short - we’re far from a bull market.
Ethereum (ETH) price saw some heavy volatility with a midweek surge & plunge, but evened out the week down only .1%. The chaos in Ethereum markets in the last few weeks have led some analysts to question if the Merge was really worth it.
EGLD just had a breakout of a descending triangle that formed throughout September.
Now after nearly 12 hours trading EGLD seems to show a preference in market direction. However, it won’t be easy since there are a few points of potential resistance at around the $51 and $54!
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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.
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