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Bitcoin Continues Sideways

OTC Weekly Trading Insights - Oct 7, 2022
2022-10-07 12:42
  • Everyone's favourite OG meme coin made it to the list again this week! DOGE rallied 8% intraday as Tesla CEO, Elon Musk, made a U-turn as he renewed his intentions to buy Twitter. Despite the decrease in trading volume, DOGE is currently up 7% in the last 7 days.
  • ERN, a relatively small market cap coin, has seen a huge increase in volume recently. Towards the end of last month it was trading around $1.58, hitting $4 in the space of days. Currently it is trading around $3, a pivotal point and will follow BTC’s next move.
  • LIT is another coin which exploded over the past week, volume increase over 5000% accompanied by a rally in price of 45% outperforming the market! It is unclear why LIT rallied, but due to its relatively small market cap, unexpected moves like this are to be ‘expected’
Trade our top 5 weekly coins of interest here!
Convert Portal Volume Breakdown
  • Topping the list this week was stablecoin swaps, coming in with a value of 38.97%. For tight spreads across all pairs and stable swaps, please visit our convert portal here!
  • Up next was crypto to stablecoin transactions with a value of 22.35%. Since June the market has been stuck with a sideways macro range, with no real direction in sight after each small rally we see market participants exiting positions.
  • The same applies for stablecoin to crypto transactions, at these levels near the yearly lows investors will continue to average into positions anticipating the markets long term movements.

Overall market technicals

BTC: Continued sideways action

  • Looking at the charts BTC is still stuck within the same position, we are still trading within the macro range over an extended period of sideways action.
  • We identified a long term downtrending line which was respected a few weeks back, as BTC briefly traded above it before rejecting. At the start of this week BTC successfully traded through this line and is currently holding above it, this can be considered somewhat bullish.
  • There appears to be a short term support forming, which if holds, could see the bulls taking further control of the narrative.
  • The flip side of this would be that the support fails to hold, with the break above the trendline being a fakeout. If this is the case, we are likely to trade back towards the bottom end of the macro range, whereby it would be another level to level play.
  • Expect some volatility in the markets today, as we have the US NFP announcement later.
  • The Crypto Fear & Greed Index is at ‘23’ showing Extreme Fear within the market.
DOGE: Elon sends price up!
  • Looking at the DOGE chart it has followed a very similar pattern to the rest of the market. Seeing an extended period of sideways consolidation with the occasional price expansion.
  • DOGE price action is considerably choppier compared with the rest of the market. Although it has been moving sideways, price action is not as clean compared to BTC.
  • On Tuesday DOGE saw an intraday price rally of over 8% as Musk renewed his intentions to buy Twitter. As a result the volumes spiked massively, with price breaking above the short term highs.
  • As it stands, DOGE found resistance at a Junes downtrending line, however it is worth noting that DOGE deviated above this back in August. Possibly a hint for the same scenario if the short term support holds well.
  • That being said, there is the possibility that DOGE could fail to break above this resistance, with a continuation of the sideways movement we have been seeing.
  • Touching briefly on volume, it has been extremely scattered with the occasional spike and no clear indication of a directional bias. Once again with the US NFP

News events of note
Nearly there! - NEAR protocol has partnered with tech giant, Google, to accelerate Web3 startups.
Celsius CEO & cofounder both resign - Following on from the recent bankruptcy of the crypto lending giant, Alex Mashinsky (CEO) & S. Daniel Leon (CSO) have both resigned.
More news found here
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