Technical Analysis of BTC/USD for October 10, 2023
October 10, 2023 8:26 amVideo
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Crypto Industry News:
Cryptocurrency investment products saw inflows for the second week in a row, totaling $78 million, according to CoinShares data.
Cryptocurrency product (ETP) volume also grew 37% last week, reaching $1.1 billion, according to the asset manager. As for Bitcoin, volumes increased by 16% on trusted exchanges.
Solana, the eighth largest cryptocurrency by market capitalization, continues to establish itself as the altcoin of choice. Its weekly receipts reached the highest level since March 2022. At the time of writing, SOL has increased by approximately 14% over the past 30 days. However, according to CoinGecko data, it has dropped by approximately -32% over the past year.
Despite a significant overall increase in crypto product inflows, movements have been more muted for some major crypto investment products. The U.S. Ethereum futures fund that debuted in trading on October 2 attracted only about $10 million in its first week, underscoring “little appetite,” CoinShares said.
In addition to the asset analysis, the company also reported that 90% of all crypto asset inflows came from Europe. In contrast, the United States and Canada recorded a total inflow of only $9 million.
Technical Market Outlook:
The BTC/USD pair has reversed back to the middle of the ascending channel after a failed spike up above $28k. The next target for bulls is seen at the level of $28,687 and $28,800. There might be a potential Bullish Pennant price pattern in progress on the H4 time frame chart as well. The intraday technical support is seen at $27,144 and the intraday technical resistance is located at $28,125. The strong and positive momentum supports the short-term bullish outlook for BTC, but currently is testing the neutral level of fifty. Any breakout lower would likely extend the down move on BTC towards the level of $26,909 (100 MA).
Weekly Pivot Points:
WR3 – $28,205
WR2 – $28,019
WR1 – $27,907
Weekly Pivot – $27,834
WS1 – $27,722
WS2 – $27,648
WS3 – $27,462
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
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