Weekly market recap (from Oct 3rd to Oct 9th)
The outbreak of the Israel-Hamas war caused the price of crude oil to rise again after a callback. The U.S. CPI for September will be released on Wednesday. The continued rise of oil prices may lead to a rebound in CPI. Judging from the reactions of various countries in the Middle East, the Israel-Hamas war may further escalate into a regional war. The decline in oil prices may stop.
For the crypto market, the SEC was originally scheduled to give its final action for the Grayscale case on Oct.13, whether to continue the appeal or re-examine. SEC actions have driven BTC volatility in recent months. Therefore, the decision may cause BTC to choose a direction.
BTC
At the daily level, BTC remained fluctuating below 28000 last week. Although the price did not stand above 28000, the callback was not strong. We maintain last week’s resistance level of 28000 and support level of 25000.
From the WTA indicator, the blue column representing the whale did not disappear after the rise ended. Instead, it appeared when the price was corrected (shown in the black rectangle), keeping the price within a range. This means that at current price levels, whales are in no rush to take profits.
At the 4h level, you can see more clearly on the WTA indicator that the blue columns increase after the price callback. Although this does not mean that the price of BTC will definitely rise, the inflow of whales shows that BTC can be purchased at the current price level. As shown on the ME indicator, BTC is still above the support and maintains a bullish trend.
ETH
ETH underperformed BTC last week, with the price back below 1600, covering previous gains, and showing no signs of bulls increasing on the way down. We maintain last week’s resistance level of 1820 and support level of 1500.
On the WTA indicator, we can also see a completely different situation from BTC. The blue columns representing the whale almost disappeared after the rally ended. And just like when we analyzed other tokens before, in the process of the whale disappearing, the long red candle appeared. This resulted in rising gains being quickly destroyed.
Switching to the 4h level, we can see that on the WTA indicator, the blue column appeared after the decline (shown in the green rectangle). Especially in the past few days, the growth of the blue column has become obvious. This shows that whales may accumulate again after ETH is back to 1600. Judging from the ME indicator, the bullish trend of ETH gradually weakens and is in the process of switching to a bearish trend.
Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions based on the information contained in the article are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Twitter | TradingView | Telegram | Indicators Intro | Free Trials
