The Sideways before the Inevitable Pump
A weekend of consolidation for Bitcoin...
The long weekend is over. The Brisbane Lions blew out the Sydney Swans, while Bitcoin used the weekend to consolidate and take a break from rallying. To reiterate, October has historically been the most successful month for Bitcoin; this slow end to September may be exactly what Bitcoin needs to set itself up to take off in October.
Stormrake Spotlight: ETHEREUM ($2,660)
Bitcoin broke out over the last week; Ethereum attempted to follow, reaching $2,730 before retracing and finishing the week at its starting price. While we remain bullish on ETH, we turn our attention to another coin for this week. Check back tomorrow to see which coin is in our spotlight.
BTC/USD Key Levels and Price Action:
Bitcoin remains bullish and has used the 55 EMA as key support throughout the consolidation. We continue to inch towards $66.8k and should expect to reach this within the coming days if BTC remains above the key support of the 55 EMA at $65.6k.
BTC Total ETF Flows for 29 Sep: $ N/A
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
Since breaking above the key resistance, Ethereum has been in no man's land and traveled sideways. An attempt to break to the upside was halted, and the price trickled back down to the convergence of moving averages. This region around $2,650 should provide ETH with support, but if ETH fails to stay above these moving averages, we can expect it to re-test $2,556.
ETH Total ETF Flows for 29 Sep: $ N/A
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
Written by Alexandar Artis
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