Welcome to our latest crypto market outlook for October 7th!
Uptober is finally here, and the crypto market is more bullish than ever! It’s the perfect time to accumulate your favorite altcoins. Here are five altcoins I’m watching this week: $ENA, $IMX, $ATH, $LINEA, and $TIA.
Today, we will cover the following topics:
– BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
BTC analysis
As per our latest BTC analysis, it rejected the $107,500 mark perfectly and has been trading higher since then.
This week, BTC broke above both the $118,000 structure and the $124,000 all-time high, showing more strength than ever.
As long as BTC continues to trade within the rising wedge pattern on the 1H timeframe, the overall short-term bias will remain bullish.
5 Altcoins Analysis
As per our latest market outlook, ENA rejected the lower bound of its falling channel, which intersects with the $0.5 round number.
As long as this intersection holds, we will be looking for long positions targeting the upper bound of the channel.
For the bulls to take control and trigger the next impulse move toward the upper bound of the daily red channel, a break above the red-marked structure at $0.64 is required.
In the meantime, ENA may still retest the $0.5 round number before moving higher.
IMX has been trading within a wide range, forming an accumulation phase around the $0.5 round number.
As long as this support holds, the bulls will maintain the upper hand.
For IMX to begin its markup phase toward the $1.5 resistance level, a break above the upper bound of the accumulation phase at $0.875 is required.
In the meantime, as IMX retests the lower bound of its blue rising channel and the $0.6 support, we will be looking for new short-term long opportunities.
As per our latest Coin of the Week article, ATH perfectly rejected the demand zone marked in orange and is currently trading higher.
As long as the $0.05 support level holds, we will be looking for long positions targeting the next resistance at $0.09.
LINEA has been trading within a clear range between $0.024 and $0.036.
This week, it became trapped in a smaller range between $0.024 and $0.0295.
For the bulls to take short-term control and push the price toward the upper bound of the main range, a break above the $0.0295 structure marked in orange is required.
As per our latest altcoins article, TIA is currently retesting a strong support zone formed by the intersection of the $1.5 round number and the lower bound of its range marked in red.
For the bulls to take long-term control, a break above the $2.32 major high is required.
In the meantime, since TIA is retesting the lower bound of its range, we will be looking for short-term long opportunities on lower timeframes.
For the bulls to take control and initiate the next major move toward the upper bound of the daily range, a break above the $1.575 structure marked in blue is required.
Quotes / Advices
There is time to go long, time to go short and time to go fishing.
~ Jesse Lauriston Livermore
Closing Remarks
In summary, the crypto market is showing strong bullish momentum this Uptober, with BTC leading the charge after breaking above key resistance levels at $118,000 and its previous all-time high at $124,000.
As long as BTC holds within its rising wedge pattern, short-term sentiment remains positive.
ENA is holding above a key intersection at $0.5, while IMX continues its accumulation phase near $0.5 with potential for a breakout toward $1.5.
ATH is rebounding from its demand zone, targeting $0.09, and LINEA is consolidating within a defined range, with bulls eyeing a break above $0.0295.
Lastly, TIA is testing a strong support near $1.5, with a possible upside continuation if it breaks above $1.575 and $2.32.
