As the US dollar reaches its multi-year peak and US stock markets close to their June lows, it is difficult for Crypto markets to begin a sustained recovery. This indicates that traders don’t want to take risks with their portfolios and sentiment is still negative. After the September nonfarm payroll data was released, U.S. stock markets plunged sharply on October 7. Bitcoin continues to see marginal gains of around 2.2% for the week. This is the first sign that selling pressure might be decreasing and traders may not want to sell their positions at lower levels. Bitcoin will need some support from return risk-on sentiment to sustain its recovery. Volatility-bound action will continue until then.
BTC traded at $19,478 as of the writing.
Chart for Bitcoin (BTC).
BITCOIN trades sideways in a range of $18,500 to $22,500, with decreasing volumes creating an ‘Ascending triangle’ pattern. The asset is neutral if there are no moving averages or a RSI of 50. BTC’s support zone is $18,000 to $17500 ($17.622 Previous Bottom), while $20,750 and $22,500 act as strong resistance levels. These levels will be reaffirmed by breakouts with high volumes.
Support 2Support 1AssetResistance 1Resistance 2$15,000$17,500BTC$22,500$28,500
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