Crypto Week in Review - Oct 14, $HT rises, Bitcoin in trading range
John Barry | Fri Oct 14 2022
Huobi Token Bullish Signal
The Huobi Token shot up 85% this week, as can be seen in the weekly heatmap above. Most of this gain occurred after the Quantify Crypto Trend algorithm triggered a bullish call at a price of $4.35. At the time of this writing $HT was trading at $7.76 after hitting a high of $8.20.
Click to see the latest Huobi Coin price metrics: https://quantifycrypto.com/coins/HT
Bitcoin Price Analysis
Bitcoin has been in a trading range for the past month from lows of $18,150 to highs of $20,454. I added the relative Support (Blue Line) and Resistance (Orange Line), as it clearly shows the trading range. There have been 6 tests of the support level and 5 tests of the resistance level.
Bitcoin hits Support and Resistance levels in 24 Hours.
The Quantify Crypto (QC) support and resistance indicators have been very accurate, and both were correct in the past 24 hours. On Oct 13, 8 am EST the Bitcoin price dropped under the QC support level of $18,437 hitting a low of $18,180.79. Three hours later it quickly bounced back up above the support levels with higher trading volume. In fact, the bounce back rally was so strong it would hit the resistance level at the time of $19,862. The rally would stall and fall short of the psychological level of $20,000.
Bitcoin continues to show the pattern of being in a trading range, which is better than going down. At some point, maybe after the US elections on Nov 8th, there will be a significant move. Additionally global stock markets need to show some stability; as energy, supply chain and the war in the Ukraine all are having a very negative impact on all of us.
About Quantify Crypto
Quantify Crypto provides real time technical analysis to support your trading decisions. We have the fastest live price feed of all cryptocurrency informational platforms. Our proprietary trend algorithm calculates the predicted direction of future price moves. It is specifically tailored for the cryptocurrency market. Our state-of-the-art displays are designed to provide maximum amount of significant data on a single screen.
None of this is meant to be financial advice and I do not have any financial expertise. Although I worked at the New York Stock Exchange for over 23 years, it was as a developer supporting computer systems, not as a stock trader.
Full discloser: I do own Bitcoin and other Altcoins.