18TH OCTOBER LATEST CRYPTO NEWS DIGITAL MAGAZINE

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!

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CRYPTO TRADE OPPORTUNITIES

BITCOIN – BTC/GBP

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 Read more

ETHEREUM – ETH/GBP

Ether plunged below the $1,280 to $1,220 support zone on October 13 but the bears could not sustain the lower levels. The bulls actively purchased the dip and pushed the price back above $1,280 as seen from the long tail on the day’s candlestick.

Buyers continued their purchase and are trying to sustain the price above the 20-day exponential moving average (EMA). If they manage to do that, the ETH/USD pair could rise to the 50-day simple moving average (SMA) and then to the downtrend line. Read more

RIPPLE – XRP/GBP

We had projected in our previous analysis that bulls are expected to defend the $0.45 to $0.41 zone with vigor and they did that. XRP rebounded sharply off $0.44 on October 13 as seen from the long tail on the candlestick.

The 20-day EMA has flattened out and the RSI is near the midpoint, indicating that the bullish momentum has weakened. This suggests that the XRP/USD pair could remain stuck in a range for a few days. Read more

CARDANO/USD

Cardano plummeted below the support at $0.39 and dropped to $0.35 as we had projected in the previous analysis. The sharp decline pulled the RSI into deeply oversold territory, indicating that a pullback or consolidation is possible in the near term.

Buyers will try to push the price to the breakdown level of $0.39. If bears flip this level into resistance, the ADA/USD pair could witness another round of selling. If bears sink the price below $0.35, the pair could extend its decline to $0.32. Read more

BINANCE – BNB/GBP

We highlighted in our previous analysis that the bulls are expected to defend the $256.70 level as they had done on two previous occasions and the buyers did just that.

The long tail on the October 13 candlestick shows aggressive buying near the support at $256.70. The relief rally has reached the moving averages where the bears are posing a challenge. Read more

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