Market Update | 02-10-2024
As mentioned yesterday, while the weekly time frame for crypto looks bullish, the 4-hour time frame has turned bearish.
Despite short-term fluctuations, October is still expected to close in the green, regardless of what happens in the next 4-8 days.
Yesterday’s dip in the crypto market was due to the Iran missile strike on Israel. If Israel’s retaliation is delayed, we might see a brief recovery, giving crypto a chance to pump during this period. However, quick retaliations and airstrikes could lead to more volatility, similar to the liquidation hunt seen yesterday.
If Israel retaliates soon, we might see another red candle in the lower time frame.
Technically, Bitcoin is at the 0.382 Fibonacci level, which is a potential bounce area. The next target is around $58-59k (0.618 Fib level).
The #Total3 chart looks strong as it just retested the trendline.
The US Dollar Index (#DXY) bounced off support, but it is still forming lower highs and lower lows on the daily time frame.
Bitwise Invest has filed for an $XRP ETF in the state of Delaware.
#BTCUptober #marketupdate #tokentalk #BTCReboundsAfterFOMC #Write2Earn! $BTC
