Musk's takeover of Twitter leads to dog coin pumps while Meta stocks dip due to Q3 earnings report. Quadency has some new announcements, and Reddit releases a PFP project on the blockchain but refuses to call it an NFT.
At a glance...
- Quadency makes an airdrop announcement 🪂
- Reddit stumbles upon mass adoption trick 🪅
- Musk takes over Twitter, and DOGE pumps 📈
- Jack Dorsey shares Web5 project 🤷
Top Market Trends:
- Reddit launched its own NFT marketplace, and now it has more users than OpenSea or other major platforms. The secret? Avoiding the acronym NFT - now everyone wants in!
- Over $936 million was liquidated on the popular cryptocurrency exchange FTX, marking the highest grossing ever since the initial launch of this crypto.
- MEP Stefan Berger, member of the European Parliament, thanks CEO Frederik Gregaard for his visit and says, “Cardano is a rocket.”
- The National Bank of Kazakhstan is planning to integrate a Central Digital Bank Currency (CBDC) on the BNB Chain.
- Hong Kong plans to legalize retail crypto trading in response to growing demand, aiming to become a hub for the cryptocurrency market.
Movers and Shakers
Top 7-day Gainers:
Top 7-day Losers:
- WEMIX -28.10%
- XCN -22.17%
- BTRST -18.08%
- MKR -13.37%
- HUSD -9.82%
⏱ Only a few days left to trade with 0% fee on QUADX!
Is Bitcoin (BTC) stuck? BTC is down around 60% this year, but since July, it has been trading between $18,171 and $25,203. A recent Bloomberg survey discovered the majority of their respondents are now more optimistic about Bitcoin’s future.
- On Wednesday and Thursday, Bitcoin saw a short squeeze, and short liquidations across all exchanges reached a year-high.
- Currently, 78% of Bitcoin units haven’t moved or traded over the past six months.
- David Gokhshtein jokes with his Twitter followers about a 10k Bitcoin.
BTC - Low Timeframe
As anticipated in previous forecasts, if we were going to see a retracement from the price levels reached on the 26th-27th we would likely see price move bearish to collect 1H and potentially 4H SSL before moving back bullish targeting the HTF order-block.
Is BTC at a crossroad?
At current we have seen price take 1H SSL and mitigate the extreme order-block associated with this 1H LQ, now we wait to see if we continue bearish taking 4H SSL and reaching discount of the bullish move we initiated early this week or if we reject current price levels and move to the bullish side around $20,600 at which point we could see sustained selling back down into discount prices or see a run on the high to reach its daily target.
We have also now seen a dip below the 50EMA take place which could be signs of sustained selling pressure entering the market.
BTC - Macro View
After seeing price action consolidate within the larger range ($20,500-$18,150) and then the smaller range of ($19,950-$18,650) price had finally pulled in enough liquidity to have an aggressive expansion move to target buy or sell side liquidity.
Consolidation, then accumulation?
After seeing the HTF order-flow take place on the daily chart, and having been in discount for such a long period of time we saw price aggressively expand to target buy-side liquidity. Our next top side target we would expect a retracement from is the $21,500 daily order-block which coincides with the equilibrium of the wider daily range and 4H/1D rebalancing. We wait to see if price will reach there in one swoop, or if further sell side liquidity needs to be produced via a reaccumulation to reach the target.
Altcoins on the Move
It’s been over 40 days since the Ethereum (ETH) merge, and all we have is a trend we've never seen before in the altcoin market. Currently, while the market is on a downward trend, most major altcoins are outperforming both Bitcoin (BTC) and Ethereum (ETH). In the enterprise world, Google has announced that they are launching a cloud-based node engine service for Ethereum developers.
- Dogecoin and Shiba Inu pump +20% after news of Elon Musk's Twitter purchase.
- The new Crypto on the block, Aptos, saw volatile price movement this week from prices of $6.75 to $10.19 back down to $8.15.
- Chainlink looks to have formed a nice support level at $6.70 and is approaching the resistance level at $7.5 - keep an eye out for a break!
Is that what Uptober is about?
Price has now had a short term retracement taking 1H sell side liquidity and mitigated one of the two associated order-blocks. Very similar to BTC we could see further sustained selling to the extreme order-block before seeing bullish pressure, or we could react to current prices and have a short term bullish move back to prices seen only 2 days prior. we have just made it below the 50EMA and successfully rejected it for the first time since the 22nd which could be signs of sustained selling or a false-out to pull in sells to then fuel the buy move.
- PayPal retracted a $2,500 fine they were imposing on their users within days of issuing an apology. Not too long later, they quietly inserted the penalty into their terms and agreements.
- After Big Tech and Social Media companies made a mess, the Meta Platforms made an even bigger mess when they released their quarterly numbers. Their shares are down by 19%.
- Elon Musk’s acquisition of Twitter resulted in the firing of Twitter’s CEO, the CFO, and the head of legal policy, trust, and safety - mixed feelings are everywhere!
- The European Central Bank has increased the rate by 0.75%. Currently sitting at 1.5%, it is the highest rate since the financial crisis of 2007.
Pro Tip: Don’t miss the QUAD Airdrop!
Have a Quadency account? Then you’re eligible to get up to $5,000 in QUAD Tokens! Claim your airdrop today!
Tweet of the Week!
web5 is happening https://t.co/DESDogeXwA— jack (@jack) October 27, 2022
Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.
Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.