U.s. Shutdown Averted, Bitcoin's Rally And Key Market Updates
10/3/20231 min read
The U.S. legislators averted a potential government shutdown on Sep. 30, which might have influenced Bitcoin's sharp rally on Oct. 1. Historical data shows Bitcoin often performs well in October. The S&P 500 Index had an average rise of 0.9% in October from 1950-2021, but it also faced a significant decline during the Black Monday crash in 1987.
S&P 500 Index: After dropping below support at 4,325 on Sep. 22, it retested this level on Sep. 29. A decline below 4,238 would indicate bearish control.
U.S. Dollar Index: It has seen a significant rise recently, breaking resistance at 106 on Sep. 26. If it maintains above this level, it could rally to 108.
Bitcoin: It surpassed resistance at $27,500 on Oct. 1 and $28,143 on Oct. 2. The next resistance is at $31,000.
Ether: After breaking the 50-day SMA ($1,652) on Sep. 29, its next resistance is at $1,746.
BNB: It found support at the 20-day EMA ($214) and is eyeing resistance at $220.
XRP: It broke out of a symmetrical triangle pattern on Sep. 29, targeting resistance at $0.56.
Solana: It surpassed the $22.30 resistance on Oct. 1, with potential resistance at $25.50 and $27.12.
Cardano: It broke above the downtrend line and 50-day SMA ($0.25) on Oct. 1, targeting $0.29 and $0.32.
Dogecoin: It surpassed the 20-day EMA ($0.06) on Sep. 29 and is aiming for the 50-day SMA ($0.06).
Toncoin: After a relief rally to $2.31 on Sep. 28, it faced bearish pressure, dropping below the $2.07 support on Oct. 2.
The article emphasizes that investments and trading moves come with risks and recommends readers conduct their own research.
Video: https://youtu.be/67ndbzuyTCo