Cryptocurrency Market Analysis – October-7-2023


In our latest cryptocurrency Market Analysis, we’re setting our sights on a potential 5% increase in Bitcoin’s value. Since mid-September, Bitcoin (BTC) has been on a recovery journey, bouncing back from a low of $25,114. Currently, it’s facing a significant challenge at the $28,096 mark, despite several unsuccessful attempts to overcome it. However, it’s worth noting that there’s robust support from the 100-day Exponential Moving Average (EMA) at $27,350.

Should Bitcoin manage to break through the $28,096 barrier, we could see it ascend by 5% to reach the supply zone at the psychologically significant $29,000 mark. A firm conversion of this resistance area into a bullish breaker could pave the way to the $30,000 mark. In particularly bullish scenarios, it could even stretch to the range high at $31,508 – indicating a 13% rise from current levels.

Cryptocurrency Market Analysis - October-7-2023

Cryptocurrency Market Analysis – October-7-2023 – Bitcoin Daily Chart

The Relative Strength Index (RSI) appears ready to continue its upward trajectory as long as it stays above 50. Simultaneously, the Awesome Oscillator (AO) remains in positive territory, suggesting an increased potential for BTC’s value to rise. However, if Bitcoin faces further rejections at the $28,096 mark and skeptics decide to cut their losses, we could see a pullback in Bitcoin’s price. This could push BTC below the 100-day EMA at $27,349 or even lower to breach the 50- and 200-day EMA at $27,054 and $26,990 respectively. In a worst-case scenario, a retest of the $26,000 psychological level might be on the cards. This would not only disprove the bullish thesis but could also trigger a new downtrend towards the $25,114 support level.

Ethereum Technical Analysis

In our Ethereum Market Analysis, we’re closely monitoring a potential 5% increase in Ethereum’s (ETH) value. Currently, ETH is on standby for a buy signal, which will be activated once the Relative Strength Index (RSI) crosses decisively above the signal line (represented by the yellow band).

For traders who respond to this signal, ETH could break through the immediate barrier at $1,648. If market conditions are particularly bullish, Ethereum’s value could surpass the 50-, 100-, and 200-day Exponential Moving Averages (EMA) at $1,664, $1,710, and $1,729 respectively. This could lead to Ethereum clearing equal highs at $1,736.

Cryptocurrency Market Analysis - October-7-2023

Ethereum Technical Analysis

However, if Ethereum faces rejection at the $1,648 mark, its value could fall into the demand zone between the $1,603 and $1,569 order block. If it breaks and crosses below the midline of this zone at $1,585, it would disprove the bullish thesis and potentially send the Proof-of-Stake token down to $1,551.

  • 7 October 2023
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