In the midst of rising geopolitical tensions, Bitcoin’s price has plummeted to $63,460, reflecting a challenging day for the broader cryptocurrency market. Many altcoins have experienced declines exceeding 3%. Just before the end of September, three analysts provided their latest chart analyses for Bitcoin (BTC), the Dollar Index (DXY), and TAO Coin.
TAO Coin’s Price Fall
The analyst identified as Sherpa has focused on a previously mentioned entry point for TAO Coin. With military operations unfolding in Lebanon, if these tensions adversely affect the crypto market, Sherpa’s entry target of $453 could be met. Currently, TAO Coin hovers around the $600 mark. The chart outlines crucial support levels at $508 and $453, with additional supports at $409 and $364, suggesting potential opportunities for shorting.
Trends in DXY and Bitcoin
Lady of Crypto, another analyst, examines the DXY chart, which remains intent on closing below 100.5. The declining DXY is seen as a potentially bullish signal for cryptocurrencies. During bear markets, increased demand for cash strengthens the USD, while in bull markets, selling cash for riskier assets weakens it. Currently, the DXY is approaching its lowest point in nine months, indicating potential for further cryptocurrency gains if this trend persists.
Analysts' Conclusions
Roman, the third analyst, scrutinizes Bitcoin’s daily chart and detects a possible deviation from its previous breakout. He warns of a potential decline to $55,000, which could unsettle investors. Roman suggests traders watch the $55,000-$57,000 range carefully as this deviation might imply further consolidation pressures upward.
As October unfolds, traders are advised to keep a vigilant eye on market dynamics influenced by geopolitical tensions and economic indicators. The analyses by these experts shed light on possible scenarios, helping investors navigate the uncertain waters of cryptocurrency trading.
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