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DeFi Lava - Eruptions Newsletter 11-3-22

Updated: Nov 16, 2022

Markets


Bitcoin BTC has ranged between $20,083 and $21,077 with a week over week price change of +0.48%.


In the wake of the Federal Open Market Committee (FOMC), Bitcoin is cooling off a bit after making a strong move out of the white resistance. Price has flipped $20k from resistance back into support, a textbook sign of a breakout.


On the 3 day chart show below, price is encroaching on the mother of resistances, the 3 day 50 moving average (red line).


Many traders, including myself, use this indicator as a gauge of whether the markets are bullish or bearish. A break and hold above $21.1k is something to pay close attention.


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