We are back to square one again. Bitcoin 
$60,797 After testing the price at $67,000, we were hopeful because we were now entering the last quarter. As investors aim for new highs, at the time of writing Bitcoin (BTC) price dropped to $59,600 levels. The situation is not very bright for altcoins either. For example, DOGE lost the key $0.105 level. So what do the experts think?
Cryptocurrencies Are Falling
The increasing tension between Iran and Israel and the expansion of the war to Lebanon shook the risk markets. Simultaneously, the SEC’s succession of new lawsuits in crypto negatively affected the risk appetite. With inflation exceeding expectations today BTC It now sells for $59,600. With the November elections a few weeks away, the Democratic candidate is still ahead in the polls. The SEC continues to work overtime on crypto, as if declaring that the ongoing crypto crackdown won’t stop after the election.
All of this undermines investor appetite. Cryptocurrency analyst nicknamed Nagato shared the chart below in a comprehensive evaluation today and wrote:
“Everyone on this platform seems to be preparing for “the last big shakeup before an explosive Q4.” Some supporters of this thesis even share bearish targets that, if reached, would invalidate Bitcoin’s overall HTF bullish structure – this makes no sense to me.
Let’s take a step back and look at what happened after sharing the last technical analysis update on Bitcoin;
Scenario A is invalidated.
Scenario B and Scenario C are still in play – but before considering what will happen in Scenario C, all eyes should be on B (since C will only come into play if B is overridden).”
The scenarios mentioned in this section are marked in the chart above. Let’s continue.
“Scenario B has always been my preferred option and it has worked well so far. In my opinion, Bitcoin bottomed around ~$53k in September and is now in the process of forming a higher bottom (unless some of the levels shared on the chart are breached) before moving upwards.
Interest level for this higher low? $60k to $57k – if this set of levels holds, there is no reason to panic or for people to be looking for $40k. I have marked two separate zones between $62k and $57k – the first (blue) will be the main support; the other (red) can be reached with a quick wick (to panic many people) before a strong comeback. It’s hard for me to see Bitcoin going lower than this. A mini shake-up to the set of levels I shared above before finally starting ‘Uptober’ would make sense to me. “One of the last buying opportunities before things get interesting.”
Altcoin Sherpa, on the other hand, mentioned that he was expecting a jump by sharing the chart below before the ongoing decline began.
DXY and UNI Coin Review
Due to start the testing process of its own layer2 network UNI Coin Today it rose with positive divergence. However, Altcoin Sherpa wrote that he will not take a position until the price breaks free from the range he shared in the chart below. He mentioned that the consolidation that has been going on for 3 years has led him to be cautious.
Benjamin Cowen set his sights on DXY turned it into a graph. As we stated before bostic He mentioned that interest rate cuts may be suspended in one of the two meetings, depending on the data. This message also caused a decline in crypto because Bostic is known for his dovish stance. It is annoying that he would make such a comment. Cowen wrote:
“Both the long end of the interest rate curve and #DXY have risen since the Fed cut interest rates.
So while everyone wanted DXY to crash, the opposite happened. Surprise, surprise.”
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
