Cryptonaire weekly magazine 253rd edition is out now
Risky assets have been on a sticky wicket since the Federal Reserve hiked rates by 75 basis points for the third time in a row on September 21. While the rate hike in itself was not a surprise, the Fed dot plots projecting a possible Fed funds rate of up to 4.4% by the end of 2022 was more aggressive than what investors had penciled in.
This started a sell-off in the United States equities markets which has pulled the Dow Jones Industrial Average into bear market territory and the S&P 500 to its lowest weekly close in 2022. The equities markets seem to be pricing in a recession due to the aggressive rate hikes by the Fed.
The Fed’s actions have resulted in a massive bull run for the US dollar index (DXY), which is not showing any signs of slowing down. That has already sent the euro to below parity with the dollar and the British pound is also threatening to follow suit. Aggressive tax cuts by the new government led by Prime Minister Liz Truss and reluctance to raise rates by the Bank of England sent the pound tumbling to an all-time low below 1.04 against the dollar on September 26.
We said in our previous analysis that Bitcoin could retest the $18,600 to $17,567.45 support zone but the bulls will defend it aggressively and that is what happened.
The BTC/USD pair dropped and closed below the immediate support of $18,600 on September 21 but the bears could not build upon this advantage. Buyers quickly pushed the price back above $18,600 on September 22. This shows strong buying at lower levels.
The bulls again held the support on September 25 and started a rebound on September 26. The pair picked up momentum on September 27 and has risen above the 20-day exponential moving average (EMA). This is the first sign that the bears may be losing their grip. The pair could next rise to the 50-day simple moving average (SMA).
The zone between the 50-day SMA and $22,800 is likely to pose a strong challenge for the bulls. If the price turns down from this zone, the pair could stay range-bound between $18,000 and $22,800 for a few days.
Conversely, if bulls thrust the price above $22,800, the pair could pick up momentum and rally to the overhead resistance of $25,000. This positive view could invalidate if the price plummets below $17,567.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
Featuring in this weeks Edition:
- Immunify.Life
- Medabots
- Gauss
- HoneyWood
- AiBook.Art
- DMGlobal
- The Revolution Token
- indu4.0
- Manilla Finance
- XRPayNet
Read More
CRYPTO TRADE OPPORTUNITIES
Tether Stablecoin Goes Live On Polkadot Blockchain
Bitcoin Pushes Higher as Traditional Markets Decline
FTX US wins auction for Voyager Digital’s assets
Disney Pushes Further Into Crypto, DeFi, NFTs With Recent Job Post
HoneyWood: Familiar game mechanics and new source of income!
AIBOOK NFTs Now Available For Purchase
Digital Money Global: Bridging the Gap between Traditional Money Solutions, Crypto-currencies, and Fiat
indu4.0 – The ecosystem for the manufacturing industry
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CW - Website Work
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