Crypto Market Update 10/18/2022
BTC is ranging since the end of August. Not too much to say, rather than we are still into the main FIB level and that could be a sign of accumulation or just a trap before a final capitulation.
Dominance is creating a rising wedge. That tends to be a bearish pattern, which would mean that Dominance could break down, at least for some days.
If that happens while BTC is ranging, altcoins could have a possible small run. But the validation of the pattern has to come together with the breakdown of it.
ETH is trapped in the golden pocket of the bear flag. ETH will follow what BTC will do as always. Price action looks like a bear pennant which means a possible drop to the lower level, the first gray box.
The market is ranging and there is no change in the last 2 months.
We are monitoring S&P500 & NASDAQ really close because it has arrived at the main MA200W which historically has been a support in natural cycles without a recession.
If we finally break down that MA, all markets, including digital assets, will follow. So we are in a crucial moment. If this level on the S&P500 acts as support, we can see a relief rally in all markets at the end of the year.