Bitcoin News and Analysis
- Bitcoin prices flat while NASDAQ, S&P and DJI rise.
- BTC/USD oblivious to fundamental risks as technical levels hold.
- US tech giants prepare for the release of Q3 earnings. Stocks head higher despite rising recession fears and a slump in US consumer confidence.
As the longer-term downtrend remains constructive below the 2017 high of $19666, Bitcoin volatility has subsided, driving price action into a narrow range. With US Dollar dominance driving sentiment throughout the year, Fed rate hikes and diminishing growth forecasts have remained the primary catalyst for risk assets.
However, with major tech giants Microsoft and Alphabet expected to release Q3 earnings later today, Meta (formerly known as Facebook) will be reporting earnings tomorrow while Apple and Amazon remain on Thursday's agenda. Despite a slowdown in economic growth and a decline in US consumer confidence for the month of October, rising recession risks have done little to deter US equities.
Most Read: Nasdaq 100 Jumps ahead of Microsoft and Alphabet Earnings - What to Expect?
Although resilient earnings and hopes of a slowdown in the pace of Fed tightening has buoyed gains for NASDAQ, S&P 500 and Dow Jones, Bitcoin has failed to make any major moves outside of its recent range.
Bitcoin (BTC/USD) Daily Chart
Chart prepared by Tammy Da Costa using TradingView
Provided that bears manage to drive prices below the 18000 psychological level, a retest of the June low at 17592.78 and a break of 16000 could pave the way for bearish continuation back towards 14000.
Bitcoin (BTC/USD) Four-hour Chart
Bitcoin Key Levels
| Support | Resistance |
|---|---|
| S1: 18183 (Current monthly low) | R1: 19666 (Dec 2017 high) |
| S2: 17792.1 (78.6% Fib 2020 β 2021 move) | R2: 20000 (Psych level) |
| S3: 17592.78 (June low) | R3: 22718 (September high) |
--- Written by Tammy Da Costa, Analyst for DailyFX.com
Contact and follow Tammy on Twitter: @Tams707
