Bitcoin has dropped to $103k, close to our target of $102.2k.
BTC did a slight pullback too, pumping to $110k in 4 days. As we mentioned in the last report, whatever price action that happens before BTC touches $102.2k is irrelevant. There will be bull traps and bear traps. There will be sentiment changes, too.
Right now, Bitcoin has lost the $108k support and is probably on the way to retest $102.2k. Will it stop there?
Even in the last report, we compared all the huge crashes. Every time, Bitcoin traded in that area for some time before pumping again.
Recently, the Bitcoin Dominance has been on the rise.
Look at the chart. The dominance sharply rose to 63% on the day of the crash and quickly returned to sub 60%.
We need BTC Dominance to stay below 59.25%. This will ensure strong alt pumps.
The sentiment has been completely reset. For the last 4 months, the sentiment was Greed. The latest reset has pushed the sentiment to Extreme Fear. The sentiment has recovered to the Greed levels.
The good news is that after the crash, the liquidation rate is minimal.
There are not many liquidation events after the crash, even though Bitcoin has been extremely volatile. This proves that there is not much leverage in the system.
Here is the Leverage Ratio. Note the huge drop in the leverage on the day of the crash. The leverage has not increased after the drop. This is unlike the previous drops. Usually, leverage swiftly goes up after such crashes.
We will watch out for the retest of $102.2k in the coming days. This might even be extended to November, too.
October could still turn tide. We will wait for the $102.2 retest to take up more positions. Until then, wait and watch.
Projects like TAO are holding up strong. Whatever coins that are holding against this Bitcoin drop will be the best performers when Bitcoin trades sideways.
Disclaimer
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The post Crypto Market Report – October Week 3 appeared first on Altcoin Buzz.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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