On Monday, October 4, Facebook, the world’s most popular social network, shut down. The interruption lasted for several hours, and millions of users were still unable to access the Facebook service.
The crypto community took advantage of Facebook’s weaknesses and praised Bitcoin by emphasizing that Bitcoin will never fall:
A cryptocurrency enthusiast who used the @de_school handle on Twitter emphasized that the decentralized Bitcoin network is more reliable and works better than the networks of current technology giants such as Amazon, Facebook, and Google:
Busta Rhymes, a famous American rapper and record producer, expressed his view that the cryptocurrency community needs an alternative to Facebook, a decentralized social media platform based on blockchain:
The famous American singer immediately received a reply from the HIVE blockchain developer. They clarified that a decentralized alternative to Facebook already exists. It has more than 2 million users and runs on HIVE’s blockchain:
Another interesting event that occurred last week was the statement by Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), that the US Securities and Exchange Commission has no plan to ban cryptocurrencies:
Gensler’s statement supported the crypto market, and the prices of leading cryptocurrencies such as Bitcoin and Ethereum began to rise.
After another positive week for most major cryptocurrencies, the market started with mixed price dynamics on Monday. According to Coin360.com, the price of a Bitcoin is 48,969.53 Euros (+2.02%), an Ethereum-3,040.60 Euros (-1.69%), a DOGE-0.2008 Euros (-3.88%), and a UNI —— EUR 21.12 (-4.88%):
Now, let’s analyze the price chart of the major cryptocurrencies against the euro in the most noteworthy time frame.
Bitcoin / Euro
In the 4-hour chart (4H), BTC/EUR has clearly withdrawn Bullish flag (Common trend continuation pattern) and the upward trend has resumed:
To determine potential price targets, we will use flagpole And Fibonacci retracement levels.First, we add a new flagpole to the chart, starting from breaking pointThen, we apply the Fibonacci retracement level to this new wave of potential price increases:
The first price target (achieved) is 38.2 Fibonacci retracement level (approximately 45,739 euros).The next goal is 61.8 Fibonacci retracement level (about 50,613 euros). The price may reach this level.The full height of the potential wave or 100 The Fibonacci retracement level (approximately EUR 58,503) represents the ultimate goal.
In the weekly chart (1W), ETH/EUR has been formed Doji Later Bullish engulfing, Indicating that the market has entered a period of hesitation:
However, we still believe that bullish sentiment will prevail and the bulls will try to push the price of Ethereum further.So let’s take a look at the daily chart (1D) of ETH/EUR, where the price is Ascending channel (uptrend):
As we mentioned in the last analysis, we believe that ETH/EUR will reach the previous level Local high point Or about 3,350 euros during travel in the passage.
Although the prices of most major cryptocurrencies have begun to rise, Dogecoin is still trading sideways. In the daily chart (1D), the 30-day moving average of DOGE/EUR (Horse 30) And the 90-day moving average (Horse 90):
In the above chart, we can’t find any clear signals about the direction in which the price will exit the consolidation, so let’s move to a shorter time frame.
In the 4-hour chart (4H), DOGE/EUR is still Downward channel (downward trend):
However, as can be seen from the chart, the price is currently testing the upper line of the channel. If there is a breakout, DOGE/EUR may return to bullish sentiment and a bullish signal may pop up. At present, we are more willing to stay away from the market and wait for a clear bullish signal to take action.
Unity / euro
In the weekly chart (1W), after Two dojis with Small bullish candlestick, UNI/EUR has been formed Small bearish candlestick:
We believe that this series of candlesticks indicates that the bulls and the bears have reached a consensus, and the market has entered a period of consolidation.
In the 4-hour chart (4H), UNI/EUR has already withdrawn Downstream channel, But still does not exceed the level of the last local high from the channel:
As we have already mentioned in our last analysis, we will wait for the price of Uniswap to exceed the previous local high or 23.30 euros, and then we may open a small long position.
This analysis is purely informational and does not constitute investment, financial, trading, or any other type of advice, and you should not regard any content of Bitvalex as such. Bitvalex does not recommend that you buy, sell or hold any cryptocurrency. Before making any investment decision, you are solely responsible for conducting your own due diligence and consulting consultants.