Weekly Crypto Market Update - October 10, 2023

LAST WEEK'S RECAP:

• U.S. nonfarm payrolls increased by 336,000 for Sept v.s. 170,000 est, the unemployment rate was 3.8% v.s. 3.7%
• Judge rejected SEC's bid to appeal in Ripple case
• Former BlackRock executive Martin Bednall said the SEC may approve all spot Bitcoin ETFs simultaneously
• The trial of Sam Bankman-Fried kicked off in federal court in Manhattan.
• StarkWare delayed the first token unlocks to April 2024
• BAYC creator Yuga Labs confirmed layoffs

LEGACY MARKETS – DXY

DXY has technically broken into the new range from 106-109. However crypto and equities have been relatively strong/stable. With the rally going up only since July it seems quite likely that it’ll at least range here for quite some time. Thus giving risk assets a chance to regain more strength.

LEGACY MARKETS – VIX

VIX saw a spike to 21 last week. With the weekend escalation in Israel, it might see some short-term further upside till markets get more clarity on the situation.

BTC WEEKLY VIEW

As mentioned last week the BTC range is 25-28.6k. BTC has steadily increased throughout the range and is now consolidating under the 28k level. If BTC clears the 28-28.6 range it will likely see a serious acceleration in price action. For now, 24-25k is still a support zone.

ETH WEEKLY VIEW

ETH is still struggling to clear the downtrend. With visible relative weakness in ETH/BTC, it still seems likely that BTC will lead the next upwards wave at this point. In that wave, ETH probably clears the downward angle and gets on top of the large range between 1-2k. Above 2k the market likely sees a market-wide acceleration and good price action upwards.

ETH/BTC

ETH/BTC as mentioned is still bleeding lower. For now, it’s still at support but showing no signs of gaining relative strength so far.

TOTAL3 USD MARKET STRENGTH

TOTAL3 is also still in range and on support. With BTC expected to go upwards. TOTAL3 likely gets to resistance again.

TOTAL3 BTC MARKET STRENGTH

ALT/BTC is also still weak relative to BTC and building a price range at the moment. For now, it seems the entire market is waiting for the next large BTC move.

SUMMARY

• BTC slowly ground to the upper part of the range. If macro fears don’t start a large pullback it’s highly likely this time BTC breaks upwards.
• The crypto market is waiting for BTC to clear this range before anything will start new breakouts
  
  

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 is prepared by Kairon Labs Traders: Joshua van de Kerckhove, and Patrick Li

Edited by: Rizza Carla Ramos