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Although cryptocurrencies have been closely correlated with the US equities markets for a large part of 2022, Bitcoin showed the first signs of decoupling in September. The largest cryptocurrency by market capitalization fell only about 3% in September, indicating that lower levels may have attracted accumulation from long-term investors.

The bullish bias of the cryptocurrency traders may be due to Bitcoin’s historically strong performance in October. According to coinglass data, Bitcoin has closed October in the red only on two occasions, in 2014 and 2018. Hence, cryptocurrency enthusiasts popularly call the month as “Uptober.”

Robert Kiyosaki, businessman and best-selling author of Rich Dad Poor Dad, said in a tweet on October 2 that Bitcoin, gold and silver prices may go down if the Federal Reserve continues to increase interest rates as that would cause the US dollar to strengthen. He called this a buying opportunity because when the “Fed pivots and drops interest rates as England just did you will smile while others cry.”

We had projected in the previous analysis that Bitcoin is likely to face resistance at the 50-day simple moving average and that is what happened.

Bitcoin climbed above the 20-day exponential moving average (EMA) on September 27 and again on September 30 but the bulls could not sustain the higher levels as seen from the long wick on the candlesticks.

The first major hurdle for the bulls to cross on the upside is $20,500. If they manage to do that, the bullish momentum could pick up and the BTC/USD pair could rally to the next stiff resistance of $22,800.

Alternatively, if the price turns down from the current level or the overhead resistance, the bears will again try to sink the pair below $18,600. If they succeed, the pair could drop to the June low of $17,567.45. The bears will have to pull the price below this vital support to signal the start of the next leg of the downtrend.

The flattish 20-day EMA and the relative strength index (RSI) near the midpoint do not give a clear advantage either to the bulls or the bears. It points to a possible range-bound action between $18,600 and $20,500 for the next few days.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- indu4.0

- Gauss

- Immunify.Life

- Age of Zalmoxis

- DMGlobal

- Manilla Finance

- The Revolution Token

- XRPayNet

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Age of Zalmoxis: Integrating Blockchain Technology and NFTs for Awe-Evoking, Highly-Rewarding Gaming Sessions

indu4.0 – The ecosystem for the manufacturing industry

DM Global: Decentralized Digital Wallet And Crypto Currency Platform

Manilla Finance:  Empowering Users so they can Pay with Crypto through Manilla Finance’s CeDeFi Payment System

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