Crypto Market Pulse - October 14, 2024

LAST WEEK RECAP:

• U.S. CPI increased 0.2% MoM and 2.4% YoY in September, higher than expected 0.1% and 2.3%.
• U.S. Core CPI increased 0.3% MoM and 3.3% YoY in September, higher than expected 0.2% and 3.2%.
• U.S. PPI was flat MoM in September, lower than the 0.1% estimated, annual rate is 1.8%.
• U.S. core PPI was 0.1% MoM in September, lower than the 0.2% estimated, annual rate is 3.2%.
• U.S. prosecutors charge 4 crypto market makers and employees with market manipulation.
• Bankruptcy court approved FTX's reorganization plan.
• ~$16 million ETH from the Plus Token scam started moving to exchanges.
• Uniswap announced plans to launch Unichain, an Ethereum Layer-2 chain.
• HBO documentary named Peter Todd, a Bitcoin core developer as Satoshi but Peter Todd denied.
  

LEGACY MARKETS – DXY

DXY had a strong rebound from the lows. With it now trading at mid-range there’s a good chance it slows down a bit. This should give crypto and equities some relief/more upside.

LEGACY MARKETS – VIX

VIX is still chopping around the 21 level. Ideally, it fully retraces to the 14 levels again for further upside.

BTC WEEKLY VIEW

BTC as mentioned last week, the retest of the 60k area could be a first real higher low. With BTC trading higher over the weekend it seems likely we will be testing the first higher high at 66.4k. If BTC manages to break above we have a real reversal on the cards.

ETH WEEKLY VIEW

ETH is still stuck ranging between 2.4-2.7k. For now, the market is still in anticipation of ETH getting real outperformance over BTC.

ETH/BTC

ETH/BTC is still trying to reverse although very sluggish. If it breaks lows here again 0.03 is likely on the table next. If not it could start forming a proper higher time frame reversal.

TOTAL3 USD MARKET STRENGTH

Alts are starting to shape up quite firm. With the consolidation building nicely on the previous high. If BTC can stay stable/have some strength it’s quite likely that the market will start seeing more and more alts rally.

TOTAL3 BTC MARKET STRENGTH

TOTAL3/BTC is trying to break out of the compressed range again. The complete structure of TOTAL3/BTC has been building now since November 2023, if this now finally breaks upwards the real alt season likely happens.

SUMMARY

• ALT/BTC continues to show strength with TOTAL3/BTC being on the brink of a macro reversal.

DISCLAIMER:

The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.

This post was prepared by Kairon Labs Trader Patrick Li and Joshua Van de Kerckhove.

Edited by: Marianne Dasal