Market Analysis on October 13th, 2021
Binance launched a billion dollar fund to promote the development of Binance smart chain. Then the mainstream currency ushered in rebound afterwards.
On a one-hour scale, the annual line that has been troubled for a long time made a positive breakthrough. If it’s just bounce, there should be probability high rushed back. However, but we see continues new peaks, and the capital flow can enlarge gradually, which also represents the greater probability of reversing. Thus the mainstream of the old currency will gain its opportunities at bottom. (Support 425, pressure 500).
When it turns to BTC on a 4-hour scale, an obvious hit on the market shows after the BNB’s good news.However, mainstream currencies including ETH are not significantly affected, which means the early hedge funds gradually began to diverge into each section. The previous defensive currencies such as DYDX, BETA, and SHIB are noteworthy if the BTC market is unstable.
ETH has just broke through the suppress of MA, but it left lower wick and weak reversal patterns. If it is a fake breakthrough and show a downturn afterwards, then it is more worthy to concern BNB than ETH. Pay attention to the 3511 barrier.
We used to pay attention to the Gamefi concept that rotates in lifting different currencies. Early strong currency need more attention at this stage.
As mentioned before, the important focus of Algo is 1.8, if it falls below, it will weaken. Now the adjustment is gradually ending, and it is worth paying attention whether it can stabilize at 1.8 again. A better opportunity may be to step back below 1.8 in 4-hour scale.
Gamefi currency Gala, which was strong in the early stage, also stepped back in this wave of BTC gold, and there may be a good rebound once funds enter the market. Currently, Gala’s game mode is similar to Steam, and it is possible to go out of the trend in the future if the market does not double within a day.
The above analysis is for reference only. The currency market has risks, so the investment needs to be cautious.