Market overview
WHAT HAPPENED?
Last week, we saw a correction in bitcoin. The large buy zone of $62,600-$60,800 didn’t give any reaction, so the first cryptocurrency needed to capture liquidity from the local level of $59,850 to make a full-fledged reversal.
Now we’ve already overcome the sell zone of $61,800-$62,900 (the zone of accumulated volumes). It has become a mirror support zone for us, but with a slight displacement in volume. We also reached the next resistance level of ~$64,150 (volume protection level) and the $64,500 mark.
WHAT WILL HAPPEN: OR NOT?
According to the current marks, anomalies in the delta with a preponderance in the buys were noticed. Several scenarios can be expected in the near future:
• fixing above and testing the subsequent sell area;
• development of an upward movement after correction to the nearest buy zone;
• global sideways within $64,500-$59,000.
Buy zones: $63,100-$62,500 (mirrored volume zone), $60,000-$59,000 (buyer activity), $55,000-$53,800 (volume zone), $57,000-$56,400 (volume zone).
Sell zones: $66,500-$68,200 (volume zone), level $72,000 (seller market activity).
IMPORTANT DATES
Macroeconomic events this week:
• Wednesday, October 16, 6:00 (UTC) — publication of the UK consumer price index for September;
• Thursday, October 17, 9:00 (UTC) — publication of the consumer price index in the Eurozone for September;
• Thursday, October 17, 12:15 (UTC) — announcement of the deposit rate and interest rate decision in the Eurozone for October;
• Thursday, October 17, 12:30 (UTC) — publication of the basic US retail sales index for September, the number of initial applications for US unemployment benefits, the index of manufacturing activity from the Philadelphia Federal Reserve for October and the volume of US retail sales for September.
*This post is not a financial recommendation. Make decisions based on your own experience.
Last week, we saw a correction in bitcoin. The large buy zone of $62,600-$60,800 didn’t give any reaction, so the first cryptocurrency needed to capture liquidity from the local level of $59,850 to make a full-fledged reversal.
Now we’ve already overcome the sell zone of $61,800-$62,900 (the zone of accumulated volumes). It has become a mirror support zone for us, but with a slight displacement in volume. We also reached the next resistance level of ~$64,150 (volume protection level) and the $64,500 mark.
WHAT WILL HAPPEN: OR NOT?
According to the current marks, anomalies in the delta with a preponderance in the buys were noticed. Several scenarios can be expected in the near future:
• fixing above and testing the subsequent sell area;
• development of an upward movement after correction to the nearest buy zone;
• global sideways within $64,500-$59,000.
Buy zones: $63,100-$62,500 (mirrored volume zone), $60,000-$59,000 (buyer activity), $55,000-$53,800 (volume zone), $57,000-$56,400 (volume zone).
Sell zones: $66,500-$68,200 (volume zone), level $72,000 (seller market activity).
IMPORTANT DATES
Macroeconomic events this week:
• Wednesday, October 16, 6:00 (UTC) — publication of the UK consumer price index for September;
• Thursday, October 17, 9:00 (UTC) — publication of the consumer price index in the Eurozone for September;
• Thursday, October 17, 12:15 (UTC) — announcement of the deposit rate and interest rate decision in the Eurozone for October;
• Thursday, October 17, 12:30 (UTC) — publication of the basic US retail sales index for September, the number of initial applications for US unemployment benefits, the index of manufacturing activity from the Philadelphia Federal Reserve for October and the volume of US retail sales for September.
*This post is not a financial recommendation. Make decisions based on your own experience.
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