Welcome to our latest crypto market outlook for September 23rd!
The crypto market crashed this weekend, and everyone seems to be panicking. But the big question is: is this just a dip, or the start of a major bearish trend? Here are 5 altcoins I’m watching this week that could give us a better sense of the market: ENA, HYPE, KMNO, TAO, and VANA.
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 currently retesting the lower bound of its rising channel, a key area to watch for trend-following long setups.
As long as the $107,500 structure holds, the advantage remains with the bulls.
After breaking below the short-term rising blue channel, the overall bias shifted bearish yesterday.
For the bulls to regain short-term control, a break above the orange channel is required.
5 Altcoins Analysis
As per our last Coin of the Week article, HYPE has been bullish in both the medium and long term, trading within the rising blue and orange channels.
Today, HYPE is retesting the lower bound of the blue channel, which also intersects with the green structure.
We’ll therefore be looking for trend-following long setups, targeting the upper intersection of the channels.
In the short term, HYPE has been bearish, trading within the red falling wedge pattern.
For the bulls to take over again and trigger the next major impulse to the upside, a break above the last major high in red at $50.5 is required.
As per our last KMNO analysis, it broke above the $0.07 resistance and surged as if there were no tomorrow.
This week, KMNO has been in a correction phase and is currently retesting the $0.07 level, which is now acting as support.
For the bulls to take short-term control, a break above the red falling channel is needed.
To maintain control in the long term, they must also break above the orange channel and the $0.087 resistance.
ENA has been in a broad flat correction phase, trading within the red falling channel.
This week, ENA is retesting the lower bound of the channel, which aligns perfectly with the $0.50 support and psychological round number.
As long as this intersection holds, the path of least resistance remains to the upside.
As per our last TAO update, it has been consolidating within a wide range between the two round numbers: $300 and $400.
Since it is now retesting the lower bound of the range, we’ll be looking for long opportunities targeting the upper bound at $400.
VANA has been relatively quiet over the past month, hovering within a tight range between $3.8 and $5.8.
Last week, it rejected the $5.8 resistance and has been trading lower since.
Currently, VANA is retesting the lower bound of the range at $3.8, so we’ll be looking for long opportunities on the lower timeframes.
In the short term, VANA has been trading within the orange falling broadening wedge pattern.
For the bulls to take control and push toward the $5 round number and supply zone, a break above the upper orange trendline is required.
Quotes / Advices
Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.
~ Albert Einstein
Closing Remarks
In summary, The crypto market faces uncertainty after the recent crash, but key levels are still holding. BTC remains bullish above $107,500, while altcoins are showing mixed setups:
HYPE is retesting channel support, with a breakout above $50.5 needed for momentum.
KMNO is holding the $0.07 support, but must clear $0.087 to confirm strength.
ENA is bouncing from the $0.50 support at the lower channel bound.
TAO is testing range support at $300, with $400 as the next upside target.
VANA is retesting $3.8 support, looking for a push back toward $5.
