Market overview
WHAT HAPPENED?
Last week, as expected, we broke through the sloping line and started a downward movement. Only the strong volume zone of $66,000-$65,100 (volume reaction), which we noted, could stop it. After receiving a reaction from the buyer, bitcoin was trading sideways for the rest of the week.
WHAT WILL HAPPEN: OR NOT?
At the moment, we’re above the formed zone of maximum volumes of $67,500-$66,800. There is a high probability of testing the levels formed above.
The cumulative delta is also on the side of the "bulls", the same pattern of absorption of market sells by limit orders is noticed. We consider changing the scenario to a downward one only with a true breakdown of the local minimum of $65,250.
Buy zones: $67,500-$66,800 (maximum volume of the sideways range), $63,100-$62,500 (mirrored volume zone), $60,000-$59,000 (buyer activity), $55,000-$53,800 (volume zone), $57,000-$56,400 (volume zone).
Sell zones: $70,000 level (seller market activity), $72,000 level (seller market activity).
IMPORTANT DATES
• Tuesday, October 29, 14:00 (UTC) — publication of the US consumer confidence index for October and the number of open vacancies in the US JOLTS labor market for September;
• Wednesday, October 30, 9:00 (UTC) — German GDP publication;
• Wednesday, October 30, 9:30 (UTC) — press conference of the Swiss National Bank;
• Wednesday, October 30, 10:00 (UTC) — the UK autumn budget forecast;
• Wednesday, October 30, 12:15 (UTC) — publication of changes in the number of people employed in the non-agricultural sector from the US ADP for October;
• Wednesday, October 30, 12:30 (UTC) — publication of US GDP for the 3rd quarter;
• Wednesday, October 30, 13:00 (UTC) — publication of the German consumer price index for October;
• Thursday, October 31, 1:30 (UTC) — publication of the index of business activity in the Chinese manufacturing sector for October;
• Thursday, October 31, 3:00 (UTC) — announcement of Japan's interest rate decision;
• Thursday, October 31, 10:00 (UTC) — publication of the consumer price index in the Eurozone for 2024;
• Thursday, October 31, 12:30 (UTC) — publication of the basic price index of US personal consumption expenditures for September and 2024, as well as the number of initial applications for US unemployment benefits;
• Friday, November 1, 12:30 (UTC) — publication of average hourly wages, changes in the number of people employed in the non-agricultural sector and the US unemployment rate for October;
• Friday, November 1, 14:00 (UTC) — publication of the index of business activity in the manufacturing sector from the US ISM for October;
• Friday, November 1, 14:45 (UTC) — publication of the index of business activity in the US manufacturing sector for October.
*This post is not a financial recommendation. Make decisions based on your own experience.
Last week, as expected, we broke through the sloping line and started a downward movement. Only the strong volume zone of $66,000-$65,100 (volume reaction), which we noted, could stop it. After receiving a reaction from the buyer, bitcoin was trading sideways for the rest of the week.
WHAT WILL HAPPEN: OR NOT?
At the moment, we’re above the formed zone of maximum volumes of $67,500-$66,800. There is a high probability of testing the levels formed above.
The cumulative delta is also on the side of the "bulls", the same pattern of absorption of market sells by limit orders is noticed. We consider changing the scenario to a downward one only with a true breakdown of the local minimum of $65,250.
Buy zones: $67,500-$66,800 (maximum volume of the sideways range), $63,100-$62,500 (mirrored volume zone), $60,000-$59,000 (buyer activity), $55,000-$53,800 (volume zone), $57,000-$56,400 (volume zone).
Sell zones: $70,000 level (seller market activity), $72,000 level (seller market activity).
IMPORTANT DATES
• Tuesday, October 29, 14:00 (UTC) — publication of the US consumer confidence index for October and the number of open vacancies in the US JOLTS labor market for September;
• Wednesday, October 30, 9:00 (UTC) — German GDP publication;
• Wednesday, October 30, 9:30 (UTC) — press conference of the Swiss National Bank;
• Wednesday, October 30, 10:00 (UTC) — the UK autumn budget forecast;
• Wednesday, October 30, 12:15 (UTC) — publication of changes in the number of people employed in the non-agricultural sector from the US ADP for October;
• Wednesday, October 30, 12:30 (UTC) — publication of US GDP for the 3rd quarter;
• Wednesday, October 30, 13:00 (UTC) — publication of the German consumer price index for October;
• Thursday, October 31, 1:30 (UTC) — publication of the index of business activity in the Chinese manufacturing sector for October;
• Thursday, October 31, 3:00 (UTC) — announcement of Japan's interest rate decision;
• Thursday, October 31, 10:00 (UTC) — publication of the consumer price index in the Eurozone for 2024;
• Thursday, October 31, 12:30 (UTC) — publication of the basic price index of US personal consumption expenditures for September and 2024, as well as the number of initial applications for US unemployment benefits;
• Friday, November 1, 12:30 (UTC) — publication of average hourly wages, changes in the number of people employed in the non-agricultural sector and the US unemployment rate for October;
• Friday, November 1, 14:00 (UTC) — publication of the index of business activity in the manufacturing sector from the US ISM for October;
• Friday, November 1, 14:45 (UTC) — publication of the index of business activity in the US manufacturing sector for October.
*This post is not a financial recommendation. Make decisions based on your own experience.
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