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Weekly Crypto Market Brief

Over the past week, Bitcoin briefly fell below the $19k level but failed to hold it as resistance, as buyers, backed by whales and smart money, pushed the price back above this critical level, prior to a subsequent $3000 rally to reach the $22k price level. On a macro level, the accumulation pattern continues in a healthy fashion, despite difficult market conditions overall. Over the past two days, Bitcoin broke past and held the 200 MA on the 4h chart as resistance for the first time since mid-August, signalling a potential invalidation of the bear flag setup and possible double bottom formation in the current period.

Chainlink (LINK) in the meantime, managed a similar feat to Bitcoin, breaking above the 200 MA on the 4h chart for the first time since mid-August. It had been forming an inverted head-and-shoulders pattern since last month, before breaking through the $7.40 resistance and retesting it as support. The coin still has considerable distance to go before reaching the level of its last local top at $9.50, as well as the moving average on the daily chart at $9.80 per coin.

Dogecoin (DOGE) printed a local bottom at $0.0579 per coin on September 7, 2022, preceding a brief rally to the $0.0655 level. Despite the fact that it has broken through the 200 MA on the 1h chart and held it as support, it still has much room to cover in order to reach its recent local top of $0.0920 per coin. It has returned to a region where it had previously consolidated, but has yet to hold above the $0.065 level as support. Instead, this level has proved to be a strong resistance since late August.

Shiba Inu (SHIB) is currently trading in the $0.00001253-0.00001393 range, while holding the 200 MA on the 1h chart as support, after rising from its local bottom formed on September 6, 2022, at the $0.00001174 level. It has yet to hold the 200 MA on the 4h chart as support, and has further resistance levels at $0.000014 and $0.000016 to overcome before reaching the local top it formed in mid-August, at about $0.000018 per token.

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