Crypto Week at a Glance: Top 5 and Worst Performers

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The crypto market has corrected over the past few months and all eyes are now on what Bitcoin will do next. $ 40,000 was Bitcoin’s strongest local support, and last week we saw a positive move from $ 40,000 to $ 48,000. Considering $ 50,000 as Bitcoin’s first local resistance, this move can be seen as a test. Major resistance isn’t far away, and north of $ 52,000 that’s all it needs to enter a new trend.

This volatility in the market is good because it brings some action; at the same time, support and resistance are tested multiple times.

Usually we see such behavior towards the start of any big move. This is the time when short-term traders stay on the sidelines and long-time traders keep a close watch on the market for confirmation.

From a crypto market perspective, the current phase looks like a good period of consolidation and hopefully was coming to the end of consolidation.

As for the next move, it’s going to be very hard to say. This is because when the stock market also corrects from an all-time high and if there is a significant correction in the stock market, we might see this effect in the crypto market as well.

This would likely decide the next big move for Bitcoin and altcoins. However, it is time for traders to be patient. In the short term, we might also see some short positions opening up.

However, from a risk / reward perspective, now does not seem like a good time to trade. If you are a long term investor, it is definitely a good idea to average your investments in dollars and keep buying down.

October should be an interesting month for the market. Stay safe and play safe.

Crypto Cart: Top Five Performers OMG Network (OMG) – 107% up Axie Infinity (AXS) – 72.5% up OKB (OKB) – 57.7% up Qtum (QTUM – 53.8% up ICON (ICX) – 49.9% up

Crypto Cart: Five Worst Performances Constellation (DAG): 29.5% Down Celer Network (CELR): 17% Down Velas (VLX): 15.6% Down DigitalBits (XDB): 15.5% Down IoTex ( IOTX): 7% down

(Source: coinmarketcap.com, data at 1:30 p.m., IST October 02, 2021) (Siddharth Menon is COO, WazirX. Opinions are his)

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