WEEK OF OCTOBER 2, 2023
Welcome to the Traderverse Weekly Newsletter!
What’s Moving The Markets?
Meta’s Smart Glasses
OpenAI has enhanced ChatGPT, allowing it to access real-time information from the internet via Bing search for Plus and Enterprise tier users, expanding its capabilities beyond its static training data up to September 2021.
Amazon Sued By FTC
US regulators and 17 states have filed a significant lawsuit against Amazon, accusing the e-commerce giant of inflating prices, overcharging sellers, and stifling competition, with the aim of obtaining a permanent injunction to curb Amazon’s alleged antitrust violations and restore competition.
SEC Delays Bitcoin ETF
The SEC has postponed decisions on multiple spot Bitcoin ETF proposals, including BlackRock’s, as well as applications from Invesco, Bitwise, and Valkyrie, in anticipation of a government shutdown, with expectations that Fidelity, VanEck, and WisdomTree applications will also face delays.
Chase Bans Crypto
Chase Bank in the UK is set to ban cryptocurrency-related payments for its account holders beginning October 16th, amid growing regulatory uncertainty, despite calls for greater support of cryptocurrencies by UK banks.
Bitcoin Whales Buying
MicroStrategy, the business intelligence and software company, has acquired an additional 5,445 Bitcoin for approximately $147.3 million, raising its total Bitcoin holdings to 158,245 BTC worth approximately $4.68 billion at an average purchase price of around $29,582 per BTC.
Bear Case: Bears able to hold price below 4398 and created supply at 4365 which has been tested. Bears will need to continue to hold price below 4365 and break below demand that starts at 4264.25. This area had heavy consolidation between April and May and might give bears a challenge.
Bull Case: Bulls will need to break and hold above 4398.25 pivot to gain momentum. Price closed just above an area of heavy consolidation which might act as possible support. If price breaks below 4154, not much support until psychological level at 4100. If price is able to break above 4398.25, next strong supply sits at 4491.25.
EARNINGS RELEASE CALENDAR
FOR WEEK OF OCTOBER 2ND
Expert Insights & Predictions
Technical Analysis: Syscoin $SYS (1D)
Price is bullish and looking ready for a massive pump any moment from now with the current price action $SYS price broke out of a massive descending wedge reversal pattern and lower liquidity is already being taken.
With the Syscoin ecosystem continuously growing and team consistently building I expect the descending wedge reversal pattern to play out and price to pump to target the supply zone at around $0.25 price level. – @DaCryptoAgency