Can Crypto Rally In October?
Dollar Index (DXY): Daily
Despite all the talk of rate hikes off the alarming CPI number, the Dollar Index (DXY) has not been able to make a new high. This development may allow crypto to hold its ground.
Bitcoin: 4-hour Chart
If bitcoin is above $19,400, there could be a rally to $20,700. BTC bulls need to demonstrate conviction.
Etherium: 4-hour Chart
If Ethereum is above $1,303, hidden pivot analysis hints that a move to $1,420 is possible.
Bitcoin: Hash Rate
Recently, the BTC hash rate has risen sharply. This setup could be similar to spikes in the hash rate before the covid crash and the down move after the first top at $60,000. The recent up move in the BTC hash rate is so sharp it is cause for concern.
Crypto has been disappointing in both September and October. BTC and ETH should rally. If they do not, beware of failed rallies for the rest of October.