Oct.3-Oct.9(BTC)Weekly market recap
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 price 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.
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 28000 and support level 25000.
From the WTA indicator, the blue column representing the whale did not disappear after the rise ended. Instead, it appeared when the price 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. And shown on the ME indicator, BTC is still above the support and maintains a bullish trend.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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.
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 28000 and support level 25000.
From the WTA indicator, the blue column representing the whale did not disappear after the rise ended. Instead, it appeared when the price 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. And shown on the ME indicator, BTC is still above the support and maintains a bullish trend.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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