BitcoinLong
Oct.10-Oct.16(BTC)Weekly market recap
The fake news released by Cointelegraph sent BTC on a rollercoaster ride. BTC quickly rose to above 30000, and then fell back just as quickly. BlackRock ultimately confirmed that iShare is still in the review process. The farce has seen more than $100 million in BTC liquidations in the past 24 hours. It undermined market confidence.
On a macro level, peace talk between Israel and Hamas was cancelled. The war may continue and even expand into regional wars. The price of crude oil will keep rising.
BTC has performed better recently than most other tokens in the market and is in a bullish channel. After suffering early losses last week, BTC saw a sharp pump yesterday, accompanied by significant trading volume. Although there was an upward pin-bar at the end, the price was still above the given resistance level. We raise the resistance level to 30000 and maintain the original support level 25000.
At the daily level, we can see that the yellow wavy area representing the bearish trend on the ME indicator is gradually shrinking. This is caused by bull reinforcement. There is no information from WTA indicators at this level.
Switch to 4h level. BTC continues to remain above the purple wavy area. As can be seen from the WTA indicator, many whales participated in the transaction yesterday. The blue column appeared before the fake news leaked. And after the long upper pin-bar appeared, the price still remained fluctuating and did not lose all profits during the day. If there are no long red candles in the future, the price is likely to remain above 28000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
On a macro level, peace talk between Israel and Hamas was cancelled. The war may continue and even expand into regional wars. The price of crude oil will keep rising.
BTC has performed better recently than most other tokens in the market and is in a bullish channel. After suffering early losses last week, BTC saw a sharp pump yesterday, accompanied by significant trading volume. Although there was an upward pin-bar at the end, the price was still above the given resistance level. We raise the resistance level to 30000 and maintain the original support level 25000.
At the daily level, we can see that the yellow wavy area representing the bearish trend on the ME indicator is gradually shrinking. This is caused by bull reinforcement. There is no information from WTA indicators at this level.
Switch to 4h level. BTC continues to remain above the purple wavy area. As can be seen from the WTA indicator, many whales participated in the transaction yesterday. The blue column appeared before the fake news leaked. And after the long upper pin-bar appeared, the price still remained fluctuating and did not lose all profits during the day. If there are no long red candles in the future, the price is likely to remain above 28000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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