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News/Bitcoin starts new week with a 2.5% gain

Bitcoin starts new week with a 2.5% gain

Oct 17 2022

2 years ago5 mins read
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Bitcoin managed to end the previous week above \(19,000 — 5.5% higher than its low for the week at \)18,219. As we highlighted previously, $19,000 is a key level, and ending above that gave bulls the momentum they required to push higher today

Moreover, the S&P 500 seems to be forming a double bottom pattern with 3,822 as the neckline. Upon pattern completion, 4,000 will be the target before any resistance.

Market participants will also do well to observe DXY, which has been losing support levels. The next immediate support lies around 111.7, and a breakdown of that level could allow both equities and crypto markets to climb higher.

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Top altcoin gainers and losers

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BTC Technical Analysis

Bitcoin price faced rejection during today’s rally at around \(19,650. This is an important price level to flip (supported-turned-resistance), and a swing failure here will likely see BTC revisiting \)18,800.

Moreover, we can observe a few bearish divergences signaling buyer exhaustion, backed up by a clear volume difference in our current move compared to Oct. 14 rally.

Options data also suggest a gamma wall at \(19,750 which acts as a resistance and could explain the long wick as options traders are bearish around \)19,750 and expect the price to go down.  

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ETH Technical Analysis

ETH price saw a huge short squeeze towards the end of last week, and it seems that the momentum is still going as Ethereum gained 2% in the last 2 hours. The second-largest cryptocurrency by market cap is currently sitting at $1,327 which has been a clear pivot point in this range.

If market participants are able to push the price higher, we should see a retest of \(1,342 on the upper trend line. A failure to swing through could result in a 4.5% pullback to \)1,265.

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Coin360 Daily Digest

Here’s a rundown of the major crypto market news from today.

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For more daily updates and news, follow us on Twitter.

Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

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