Good Morning/Afternoon/Evening! βοΈππ
This is Team Jargon. Just like every week, we are here to provide you with some market insights. ππΌ
Are we in UPtober? π
Price action history of Bitcoin in the month of October suggests so. π
But the market is full of surprises π
Letβs analyze market moves for the week and look into some special breakout chartsππ
Todays Newsletter Covers:
Bitcoin (BTC)
Ethereum (ETH)
Bitcoin Cash (BCH)
Monero (XMR)
Algorand (ALGO)
Todayβs Price of these assets π
F&G Index : Neutral π‘
βΏ Bitcoin (BTC)
Bitcoin is showing promising signs as it maintains gains above the $27,450 support level.
Trading above $27,800 and the 100-hourly Simple Moving Average, BTC is preparing for a potential rally.
A short-term declining channel is forming, with resistance near $27,980. A breakout could take BTC back to the crucial $28,500 resistance zone. π
Daily Chart Insights
A close above $28,475 could unleash significant upside potential.
Weekly Outlook
A DOJI formation in the weekly timeframe indicates a decisive week ahead for the crypto industry.
πΆ Ethereum (ETH)
Support & Resistance Levels:
Support: $1,573 - $1,544
Resistance: $1,691 - $1,730
π° Bitcoin Cash (BCH): Gaining Upside Momentum
Bitcoin Cash needs to secure support at $233 to pave the way for an upside move, a crucial level of support as seen in the 4HR and Daily chart below.
π Monero (XMR): Breaking Long-Term Resistance
Monero has broken a long-standing resistance, forming an ascending triangle. With major resistance at $168.7 and support at $152.1, the path forward hinges on reclaiming $168.
π Algorand (ALGO): Breaking Out of a Falling Wedge
Algorand is on the verge of a potential pump, breaking out of a falling wedge pattern since June 2023.
4-Hour Chart Breakout: The critical level to watch is between $0.1029 and $0.1025.
NOTE
This newsletter provides cryptocurrency insights for informational purposes only. Cryptocurrency investments carry risks, and it's important to do your research before making any financial decisions.