Today was fun. Not fun in a good way, but fun, nonetheless. Bitcoin is down 3% after some whipsaw price action caused by a fake Reuters media report claiming that Walmart would be rolling out Litecoin across its stores beginning October 1st.
Somewhat bizarrely, Litecoin's official Twitter account shared the news - and then deleted it. The market took off, with Litecoin hitting 3 month highs. Unsurprisingly, this brief rally didn't last and everything went straight back to where it was... and then lower.
With the weekend trading session coming and going without much of a test to the downside, Bitcoin was poised to move up towards the $47,480 resistance level today. That has now been postponed while the bears train their sights on last week's lows, and an attack of support levels.
Microstrategy announced it once again bought the dip, with an extra 5,000 BTC added to their pile. The company have now spent a cool $3.1B on Bitcoin.
Last week we asked who will follow El Salvador: A new poll suggests that public opinion in Brazil supports El Salvador's move and would welcome Bitcoin as legal tender.
“Brazilians were the biggest advocates of crypto-recognition in the region, with 56% supporting El Salvador’s approach and 48% saying they want Brazil to adopt it as well… Another 30% neither agree nor disagree and 21% are against the idea (12% disagree and 9% strongly disagree).”
Maybe someone at Litecoin would like to put out a Tweet saying it's a done deal...
There is still no edge on the daily chart as the Bitcoin price drifts between supports and resistances. All Global markets are taking a breather as they reassess Central Bank tapering timing. Support and resistance levels remain unchanged.
It has been a slow start to the week, with Bitcoin trying to rally early on before giving up all gains. The day's high was $46,460, with a low print of $44,187. Support was seen at $44,000, $42,500, and $41,000. Resistance is seen at $46,500, $48,000, and $49,530. Stay nimble.
Today’s candle close is indecisive and is not giving anything away. The MACD remains in positive territory and RSI oscillator is neutral at 50%. Support and resistance levels remain wide but real, with $52,000 resistance and $42,500 support.
Subscribe here to the full report.
It looks like crypto isn’t correlated to traditional markets, at least not during this past session.
Bringing digital assets to the world.
EQONEX is a digital assets financial services company focused on delivering a full, digital asset ecosystem that offers innovative, trusted, and transparent products and services.
© 2022 EQONEX Capital Pte Ltd
All rights reserved.