Welcome to our latest crypto market outlook for September 2nd!
Almost all altcoins are hitting their weekly support zones, signaling the beginning of an accumulation phase, the ideal time to load up on your favorite altcoin bags. Here are the ones on my watchlist this week: CAKE, SUI, BIO, KMNO, and XRP.
Today, we will cover the following topics:
– BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
BTC analysis
As per our latest BTC analysis, price is still rejecting the lower bound of the rising blue channel.
As long as the lower blue trendline and the $107,500 support structure hold, the overall bias remains bullish.
For the bulls to regain control and trigger the next major impulse move, a break above the falling orange channel and the last major high at $113,550 (marked in orange) is required.
5 Altcoins Analysis
As per our latest market outlook, CAKE rejected the $3 resistance and has since entered a short-term correction phase, trading within the falling channel marked in red.
However, the long-term sentiment remains bullish, as CAKE continues to trade within the rising blue channel.
For the bulls to take short-term control and push for a correction toward the upper bound of the falling red channel, a break above the last minor high at $2.54 is required.
SUI has been overall bullish in the long term, trading within the rising channel marked in blue.
This week, however, it entered a correction phase, retesting both the lower bound of the channel and the strong support at $3.
For the bulls to finally take over and shift momentum in their favor, a break above the last major high at $3.43 (marked in red) is required.
In the meantime, SUI may still dip within the $3–$3.20 support zone before attempting to trade higher.
As per our latest BIO analysis, the price has been in a correction phase, trading within the falling red channel.
As long as the orange structure holds, the bulls will maintain the upper hand.
For the bulls to fully take over and trigger the next impulsive wave, a break above the last high at $0.17 is required.
KMNO has been trading within a wide range between the $0.05 support and the $0.07 resistance levels.
This week, KMNO is retesting the lower bound of that range.
As long as the $0.05 support level holds, we will be looking for long opportunities targeting the upper bound of the range.
After recording a new all-time high, XRP entered a bearish correction phase, forming a falling channel marked in green.
As it approaches the lower bound of the channel, which aligns perfectly with the $2.5 support structure, we will be looking for short-term long opportunities.
For the bulls to regain short-term control, a break above the last minor high at $2.875 (marked in red) is needed.
For the bulls to maintain control and confirm a long-term takeover, a break above the upper green trendline is required.
Quotes / Advices
Wide diversification is only required when investors do not understand what they are doing.
~ Warren Buffett
Closing Remarks
In summary, the crypto market is entering an accumulation phase, with many altcoins testing their weekly support zones.
CAKE: Short-term correction inside a falling channel, but long-term structure stays bullish above $3.
SUI: Retesting the $3 support zone, with $3.43 as the key breakout level for bulls.
BIO: Holding above its orange structure, eyeing a breakout over $0.17 to start a new wave.
KMNO: Trading within a range between $0.05 and $0.07, with longs favored near support.
XRP: Consolidating in a falling channel, with $2.5 acting as a strong demand zone.
