Up-tober was fun! π But, what's the next move? π€ Here's your Weekly Crypto Market Analysis. πΌπ
Plus : What's up with SPX?
First things first! π
Been a week since the last newsletter. π
Sorry to keep you waiting. β³
Looks like our Analyst & Editor were enjoying the gains of the past few weeks. BTC and some Alt's have been rampant! π°π₯
Indeed, October = Up-tober! π
But, should you become Bullish? π
Amm! π€
The Macro factors are hinting at a positive move in HT. π
But, we're still bearish in the short term, especially till the end of the year. π
Keeping our eyes on the monthly closure, here's our market analysis for this week to help you plan your next move. π‘
This Week, we have -
SPX
Bitcoin
Ethereum
AR/USDT
ALGO/USDT
SPX π²
US stock futures saw a likely technical rebound on Last Monday as investors prepared for a busy weeks ahead.
Key events on the horizon include the Federal Reserve's policy decision, the monthly jobs report, and Apple's earnings report.
While the Fed is expected to maintain steady interest rates during its Wednesday meeting, it may reiterate its higher-for-longer outlook on monetary policy.
In terms of technical analysis, the S&P 500 (SPX) has been closely following the TA indicators, and a retracement is anticipated from the current level.
BTC βΏ
BTC has been forming a bullish pennant on the 4-hour time frame. Once this pattern is broken, we can expect a clearer picture of price movements for the week. The weekly close has been strong, indicating positive sentiment.
ETH β’
In the daily time frame, ETH has successfully broken out of a falling wedge pattern with strong momentum. This suggests that prices are likely to hold or even rise further.
However, over the 4-hour time frame, ETH is currently below a strong resistance level.
AR
AR has almost reached its resistance level. Consider building a short position within the zone of 5.3-5.546.
In the daily time frame, AR has broken out of a daily wedge pattern, signaling a strong upside move in the near future.
ALGO
ALGO has been gaining momentum following a falling wedge pattern and an important resistance level. Expect further upside movement after a retracement.
Keep a close eye on the 4-hour time frame for ALGO's price action.
Thatβs all for today, weβll see you in the next letter. Happy Trading Fam!
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.