Crypto Market Update 09/26/2022
BTC arrived at the channel and GP (purple box) mentioned in the last market update and was rejected there, following what happened in the traditional markets last weeks. At the moment, we are again in the support zone.
We can see that we are having several bullish divergences on the 3D timeframe which usually indicates that this is an accumulation zone. Although for the moment, due to external conditions to the crypto market, we can’t say that it is a clear bullish signal as it should have to be.
Dominance is exactly at the same point as 2 weeks ago, so not too much to say on that.
ETH was also rejected on the GP (purple zone) like BTC and went to the GP of the bear flag pointed out in the last market update. For the moment it seems that it is bouncing on this GP while BTC is ranging on support.
September has been a lateral market for crypto while legacy markets have been declining, which is not a bad sign as usually when legacy markets fall, crypto tends to fall even more.
We will see in the next weeks if we can hold the current support zone and become a stronger base for a possible accumulation area, or if we finally break the 18K support level.
During these slow market conditions, we can best look at the bigger timeframes and don’t get trapped in the lower ones.