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Crypto Technical Analysis Report | 23rd-Sep-2022

Crypto Technical Analysis Report | 23rd-Sep-2022

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Crypto markets continued their strong gains this Friday despite looming fears of an economic slowdown and the US Federal Reserve raising interest rates to 0.75 basis points to curb inflationary pressures affecting global sentiment. All major tokens including BTC and ETH are trading green today. XRP appears to be leading this relief rally with gains of around 29%, while assets such as Ether, Cardano, Doge and Solana are up over 7%. Global crypto market capitalization peaked at $953.6 billion, up about 5% in the last 24 hours. However, the total trade volume has decreased by about 16% to almost 77.88 billion dollars.

However, Bitcoin is struggling to recapture $20,000 as a hedge in a higher interest rate environment. Its correlation with US stocks also points to further declines in 2022. The Bitcoin on-chain indicator, which tracks how much of the coin’s supply is held by long-term holders (LTH) at a loss, shows that a market bottom may be near. As of September 22, around 30% of Bitcoin LTHs suffered losses as BTC had fallen from $69,000 in November 2021 to around $19,000 now. That’s about 3-5% less than before with the bottom of the Bitcoin market. Meanwhile, the number of addresses collected during the current bear market has steadily increased, the data show. The meter tracks addresses with “at least two incoming transfers without dust (Dust means an amount that is smaller than what is needed for the event) and I’ve never spent any money.” Also, the number of non-zero addresses was around 42.7 million, compared to 39.6 million earlier this year, indicating steady user growth in a bear market.

Additionally, Ether (ETH) saw a 17.3% trail in seven days and many altcoins saw even worse. The Ethereum Merge and its subsequent effect on various GPU mining cash caused some skewed results from some of the worst weekly performances. Ethereum funds saw $15.4 million worth of capital flow into the coffers in the week ending September 16, according to CoinShares’ weekly report. In contrast, Bitcoin-based mutual funds attracted $17.4 million in the same week, suggesting a post-merger capital movement. The asset also experienced extreme selling pressure from its Proof-of-Work (PoW) miners, who sold $40 million worth of ether in the days leading up to the PoS update.

On a macro level, the Federal Reserve raised interest rates by 75 basis points on September 21, and Fed Chair Jerome Powell predicted another 125 basis point increase before the end of the year. The US dollar index (DXY), which measures the dollar’s strength against a basket of major foreign currencies, rose to 111.57 for the first time in 20 years. The Federal Reserve also released an updated “dots chart” that matched its officials’ individual rate forecasts for the end of 2025. If that happens, it will push the benchmark rate to 4.4% by the end of the year, sharply higher than June’s estimate of 3.8%. The Fed also said it doesn’t expect to consider rate cuts until 2024. Expectations of a rate hike pushed the 2-year Treasury yield to 4.1%, the highest level since 2007. This could attract many investors looking for safety in this uncertain situation. macro environment. Higher interest rates are also likely to make riskier assets like stocks and cryptos less attractive and could delay the start of a new uptrend.

Technical outlook:

BITCOINS:

Bitcoin (BTC) chart

After facing sharp resistance at $22,500, BITCOIN saw a sharp correction on September 13, 2022, breaching the $20,740 support and 20-day moving average. After this change, the property has consolidated to between $19,500 and $20,500. Prices made a breakout to the downside and are trading below the range, making a low of $18,125. However, the bears failed to break the main support of $17,622 and prices reversed from the $18,000 level. Bitcoin has strong resistance at $20,750 and $22,500. To see a rally, BTC needs to break and close above these resistance levels, while $17,500 acts as strong support. A break below support could lead to further collapse.

ETH:

ETH Chart |  23 September 2022
Ethereum (ETH) chart

ETH rose to $1,789 after making a “Bullish Engulfing” pattern at $1,422 on August 29. After this move, prices faced sharp resistance at $1,750 (23.6% Fibonacci Retracement Level) and a sharp correction. The asset fell nearly 31%, making a weekly low of $1,220.1. ETH is trying to find support at the key $1,250 level. If prices hold and hold above this support, we can expect the bulls to continue their rally, while a break and close below that support will lead to further declines.

BNB:

BNB Chart |  23 September 2022
Binance (BNB) chart

After hitting a low of $258.6 on September 7, BNB showed good signs of recovery and rose to $300. The asset faced strong resistance at the psychological level and saw a correction, with prices falling back to the $258 level. Currently, BNB is consolidating and trading between $260 and $280. Breakthroughs on both sides of the range on good volume continue to determine the asset’s trend.

Weekly snapshot:

USD ($) 15 September 22 22 September 22 the previous week this week
Closed Closed % change High Low High Low
BTC $19,701 $19,413 -1.46% $22,674 $19,625 $20,163 $18,290
ETH $1,472 $1,328 -9.79% $1,785 $1,457 $1,473 $1,229
BNB $270.81 $275.50 1.73% $299.18 $268.01 $279.62 $257.19
crypto 1w – Volume % Change (Global)
Bitcoin (BTC) -15.11%
Ethereum (ETH) -11.85%
Binance Coin (BNB) -12.96%
Resistance 2 $28,500 $1,750 340 dollars $0.45
Resistance 1 $22,500 $1,475 300 dollars $0.33
USD BTC ETH BNB BAT
Support 1 $17,500 $1,250 255 dollars $0.30
Support 2 $15,000 $1,000 220 dollars $0.25

Market updates:

  • Taki, a Web 3.0 social media platform, was launched on the Google Play Store and its active user base has exceeded half a million. To date, more than 468,541 unique user coins have been created and the active user base is 559,705.
  • Crypto exchange Kraken founder Jesse Powell plans to step down as CEO, Kraken confirms. The Wall Street Journal was the first to report the news.
  • Bitcoin (BTC) mining hosting company Compute North has filed for Chapter 11 bankruptcy as the company faces increasing pressure from the effects of the crypto winter and rising energy costs. The company’s CEO, Dave Perrill, has also resigned, but remains on the board.
  • Just like Binance, India-based exchange WazirX will implement BUSD auto-conversion for USDC, USDP and TUSD balances at a 1:1 ratio in October.

Disclaimer: This report is not intended to be used as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with their chosen professional advisor when deciding whether an investment is appropriate. The Company has prepared this report based on information available to it, including information from public sources that has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions presented herein. This report is preliminary and subject to change; The Company undertakes no obligation to update or revise any reports to reflect events or circumstances occurring after the date hereof or to reflect unanticipated events. Trading and investing in cryptos, e.g. Bitcoin, Bitcoin Cash, Ethereum, etc. are highly speculative and subject to market risks. The author’s analysis is for information only and should not be treated as investment advice.

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