It was choppy at best for Bitcoin and altcoins this week, with markets reacting to ETH Merge fatigue and a deepening recessionary macro outlook. Funding announcements in the Web3 space continued and a revered exchange Founder stepped down to take on a new role.
The Quadency team announced they had entered the internal testing phase of their hybrid exchange, QUADX. Soon, select users will be testing it out and after that, the exchange that is at the crossroads of CEX and DEX trading will go live to the world.
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It was a wild week for Bitcoin (BTC) and crypto markets, with a post Ethereum Merge hangover causing big (and mostly downward) swings, and worsening inflation data keeping investors highly risk-averse. BTC flirted with the $18k price line several times with bouts of heavy midweek sell pressure and a struggle to establish support above the $19k zone.
Looking at BTC's 2-hour chart, we're seeing your not-so-traditional descending triangle:
Typically, we draw the triangle when it enters from the bottom. In the case of this graph, we can see the downtrend from the 13th of September is acting as resistance for the bounces in between the 20k and 18k zone. Keep an eye out for this price range in the next few days.
Five bounces off the 19K-18K zone in the last four months isn't the best macro look for Bitcoin:
However, if we pull up the On-Balance Volume (OBV) technical indicator, we can see that the OBV increase can give hope of remaining in and above the zone. Note: an increasing OBV means more buyers are willing to purchase the asset at the trading price.
In NFTs, ApeCoin (APE) and Chiliz (CHZ) were trending this week, up over 14% and 40% respectively. XRP price shot up as the SEC vs. Ripple case heated up. Post-Merge Ethereum (ETH) shook out from its cloud of Merge-related sell offs, plunging 15% before staging a reversal attempt beginning on Wednesday.
Here is a nice 2-hour OP shill for the coming days and weeks:
Optimism (OP) looks to be setting itself up for a multi-layered take profit. The price is now trading in OP's lower boundary support between $0.89-$0.92. We could see the take profit being at resistance at the 200 EMA, and then previous supports now turned potential resistance at about 1.15 and 1.35.
Get acquainted with the Avalanche blockchain protocol and learn how it compares with other Layer-1 chains. Get a fundamental analysis as well as a complete tokenomics breakdown and much more.
It was a wild week for Bitcoin (BTC) and crypto markets, with a post Ethereum Merge hangover causing big (and mostly downward) swings, and worsening inflation data keeping investors highly risk-averse. BTC flirted with the $18k price line several times with bouts of heavy midweek sell pressure and a struggle to establish support above the $19k zone.
Looking at BTC's 2-hour chart, we're seeing your not-so-traditional descending triangle:
Typically, we draw the triangle when it enters from the bottom. In the case of this graph, we can see the downtrend from the 13th of September is acting as resistance for the bounces in between the 20k and 18k zone. Keep an eye out for this price range in the next few days.
Five bounces off the 19K-18K zone in the last four months isn't the best macro look for Bitcoin:
However, if we pull up the On-Balance Volume (OBV) technical indicator, we can see that the OBV increase can give hope of remaining in and above the zone. Note: an increasing OBV means more buyers are willing to purchase the asset at the trading price.
In NFTs, ApeCoin (APE) and Chiliz (CHZ) were trending this week, up over 14% and 40% respectively. XRP price shot up as the SEC vs. Ripple case heated up. Post-Merge Ethereum (ETH) shook out from its cloud of Merge-related sell offs, plunging 15% before staging a reversal attempt beginning on Wednesday.
Here is a nice 2-hour OP shill for the coming days and weeks:
Optimism (OP) looks to be setting itself up for a multi-layered take profit. The price is now trading in OP's lower boundary support between $0.89-$0.92. We could see the take profit being at resistance at the 200 EMA, and then previous supports now turned potential resistance at about 1.15 and 1.35.
Get acquainted with the Avalanche blockchain protocol and learn how it compares with other Layer-1 chains. Get a fundamental analysis as well as a complete tokenomics breakdown and much more.
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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.
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