Weekly Crypto Market Brief

Bitcoin experienced a notable price increase in the recent period, while still operating within the confines of the $18.5-22.5k price range. On October 25 and October 26, 2022, it rose from $19.3k and reached $21k per coin, and has since been holding the $20k level as support. Within the bullish scope, it is well above the 200 MA on the 4h chart. There is less fear in the market as a result, with the Crypto Fear & Greed Index reaching the 30 level at the time of writing.

Leading the way for Altcoins, Ethereum (ETH) has risen significantly over the past two weeks, going from just over $1250 to $1660 per coin between October 21 and October 29, 2022, representing a significant development for the renowned virtual asset. The 33% pump has catapulted the coin significantly above the 200 MA on the 4h chart, for the first time since mid-September 2022. Traders will be attentive to the price action in this period, and will be observant on how Ethereum interacts with the 200 MA on the daily chart, and whether it will hold above the $1450-1500 support zone.

Litecoin (LTC) continued its consolidation in the recent period, before experiencing a strong pump in price from $50 to $62 per coin on November 2, 2022, in the process reaching the 200 MA on the daily chart. Its current price level is the highest since September 13, 2022, and traders will be anxious on whether there will be an increase in open interest due to spot buyers entering the market at this time, reflecting in a possible price break above the $65 resistance level, which has held since early June 2022.

Bitcoin Cash (BCH) rose from $103 to $122 per coin in the recent period, but is struggling to break the resistance at this level. It seems to be holding support over the 200 MA on the 4h chart, a feat which has been difficult to accomplish in the recent period. It is still a significant distance from the 200 MA on the daily chart, and still has to overcome strong resistance levels at $125 and $135 to reach this milestone, and potentially produce good returns for investors accumulating the renowned Bitcoin fork over the past several months.

Related Posts