Market TA - Oct 2

Greetings everyone
The market is extremely volatile, as it is, also, falling and practically all coins - except stablecoins - are in reds. Even if the 24 hours volume is in the average amounts - almost $55 billion - alongside the high altcoin dominance of 26.38%, creates a very risky environment around trading.

I will try to clarify and put my thought together, about what will be likely to happen next. Or, to correct me, to clarify what I will do next. Spoiler alert, I am going to sit tight and watch the movement of the market more. Also, keep in mind that technical analysis is an art and I am in my first steps, so DYOR and be responsible for your decisions.

BTC/USD

Bitcoin seems to build a strong R/S level at $10,100, as it was a strong resistance level back in May, while reversed in a strong support level in the first third of the previous month, too. This level will be retested soon, and hopefully, it will hold the pressure and let the price rebounds back up. The indicators on the 4h chart point down, while the daily chart is in slightly better shape, but not great. I think that I will wait for the R/S level 1 to be retested and then up, again in the next couple of days, to test the R/S level 2 at $11,200, with stronger resistance.

Eth/USD

Same, like bitcoin, but in worst position, regarding indicators, is the Ethereum. There is a strong support level at $320 (R/S 1) but alongside he R/S level 2 they forming a - descending? - triangle. We must remember that the true value of Eth is in the Defi ecosystem, and currently, even if it seems to calm down, so does the gas, too. That been said, I think that the Defi space can uptrend again, but at a much slower tempo, and of course so will the price of Eth.

this is btc.png

SNX/BTC

I am a big fan of the Eliot waves, and I use them as the first glance of a chart, to have a sense of where is the current position, regarding the chart and the history. This is harder. I would like to watch a bit more before I decide, as we see a(possible) second wave, in the (possible) new uptrend cycle 12345 Eliot wave sequence, alongside a (possible) reverse head&shoulders formation, currently waiting the right shoulder to appear. MACD in the daily chart looks promising, so I would like to have a price alert around 5000 sats to revalue the chart.

That is for today, I would like to watch the market more, and I shall see you in the next post.

Photo by Lukas from Pexels

Thank you for reading. Please like/tip/spot/upvote, comment and share!
This is my own content and I will cross-post it at Publish0x, Cent, Hive, and read.cash

Follow Me Also:

If you want to join please use these affiliate links

Disclaimer

The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
Nothing in the article constitutes professional and/or financial advice.
You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other Content before making any decisions based on such information or other Content.
You agree not to hold The Author, or the Article liable for any possible claim for damages arising from any decision you make based on information or other Content made available to you through this article.
There are risks associated with investing in securities. Investing in stocks, bonds, exchange-traded funds, mutual funds, and money market funds involve risk of loss.
Loss of principal is possible
Some high-risk investments may use leverage, which will accentuate gains & losses.
Foreign investing involves special risks, including greater volatility and political, economic, and currency risks and differences in accounting methods.
A security’s or a firm’s past investment performance is not a guarantee or predictor of future investment performance.
The resource is not included, as I use more than one to verify. For more information, please search online.
None of these are personal opinions, unless otherwise specifically and very clearly stated
All product names, logos, and brands are the property of their respective owners.
All company, product, and service names used in this article are for identification purposes only.
Use of these names, logos, and brands does not imply endorsement