25TH OCTOBER LATEST CRYPTO NEWS DIGITAL MAGAZINE
While it is widely accepted that the U.S. will enter a recession, a debate rages on about how long it could last. On that, Tesla CEO Elon Musk recently said on Twitter that the recession could last “probably until spring of ‘24,” and added that it would be nice to spend “one year without a horrible global event.”
Bitcoin’s price has witnessed a massive drop from its all-time high but its hash rate remains strong. This has increased Bitcoin’s discount relative to its hash rate in October to its highest since the first quarter of 2020, according to Bloomberg Intelligence senior commodity strategist Mike McGlone. The previous instance of the huge discount was followed by a massive rally that lasted till 2021. McGlone believes the same could happen again this time and Bitcoin may outperform most major assets.
Bitcoin bounced off the nearest support at $18,843 on Oct. 20 but the bulls could not overcome the obstacle at the 20-day EMA ($19,318). This suggests that the bears want to further cement their hold. If the price slips and sustains below $18,843, the BTC/USDT pair could drop to $18,125.
The bulls are expected to defend the zone between $18,125 and $17,622 vigorously because if they fail to do that, the pair could resume its downtrend. The next stop on the downside could be $15,750. The long tail on the Oct. 21 candlestick shows that buyers purchased the dip below $18,843. They will try to propel the price above the moving averages. A break above the 50-day SMA ($19,616) could clear the path for a possible rally to $20,500. This is an important level to keep an eye on because a break above it could signal the start of a strong recovery to $22,800 and then $25,211.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– FlyGuyz
– XRPayNet
– Collectiverse
– indu4.0
– Gauss
– Globiance
– Manilla Finance
– DMGlobal
– Gauss
– The Revolution Token
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
Bitcoin bounced off the nearest support at $18,843 on Oct. 20 but the bulls could not overcome the obstacle at the 20-day EMA ($19,318). This suggests that the bears want to further cement their hold.
If the price slips and sustains below $18,843, the BTC/USDT pair could drop to $18,125. The bulls are expected to defend the zone between $18,125 and $17,622 vigorously because if they fail to do that, the pair could resume its downtrend. The next stop on the downside could be $15,750. Read more
ETHEREUM – ETH/GBP
Ether is struggling to rise above the 20-day EMA ($1,313) but a minor positive is that the bulls have not allowed the price to sustain below the immediate support at $1,263.
If the price turns up from the current level and breaks above the 20-day EMA, the ETH/USDT pair could rally to the downtrend line of the descending channel. Buyers will have to thrust the price above this resistance to indicate the start of a new up-move. Read more
RIPPLE – XRP/GBP
XRP plunged below the developing symmetrical triangle pattern on Oct. 20 but the long tail on the candlestick shows that the bulls are buying the dips to the 50-day SMA ($0.43). Buyers again defended the 50-day SMA on Oct. 21. Read more
CARDANO/USD
Cardano has been in a downtrend for the past several days. After a two-day relief rally, the selling resumed on Oct. 18 and the bears have pulled the price to the support line of the wedge.
The sharp selling of the past few days has sent the RSI tumbling deep into the oversold territory. This suggests that the selling may have been overdone in the near term and a relief rally or consolidation may be around the corner. Read more
BINANCE – BNB/GBP
BNB has been trading below both the moving averages and the bears are trying to sink the price to the support of the range at $258.
The gradually downsloping 20-day EMA ($274) and the relative strength index (RSI) in the negative territory indicate advantage to bears. The $258 level is likely to witness a tough battle between the bulls and the bears. If sellers come out on top, the BNB/USDT pair could drop to $216. Read more
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NFT Market Summary
Introduction
The recent volatility in the crypto and NFT markets did not seem to have deterred serious players in crypto and NFT from committing further investments and innovations in the space. More real-word use cases of NFT are emerging to Read more
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Platinum Crypto Academy provides training to all individuals who wish to take advantage of the phenomenal opportunities that this digital currency revolution presents. Platinum has been providing trading education for over 5 years and is perfectly poised to support you in your quest to becoming a Cryptonaire.
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