After a big pump last week, the crypto market has been shaking out weak hands this week, as almost all altcoins have made new local lows before starting to pump again recently. Remember, October is historically a bullish month, so every bearish movement can be seen as a dip and a good opportunity to fill your bags.
7 Days Heatmap
The 7-day crypto heatmap shows a mix of red and green this week, with BTC ending the week with minor gains of 0.75%, while ETH dipped by over 2%.
BTC Analysis
As per our previous BTC update, it surged by over 10% after rejecting the $107,500 structure and support.
This week, BTC has entered a short-term correction phase after rejecting the $125,000 round number.
As BTC retests the $118,000 support structure, we will be looking for new trend-following longs, targeting the upper bound of the rising orange channel at $130,000.
ETH Analysis
As per our latest ETH analysis, it is currently in a correction phase after rejecting the upper boundary of its range at $4,900.
As long as the red structure at $4,308 holds, we will be looking for new longs targeting the upper bound of the range between $4,900 and $5,000.
Quote of the week
In trading/investing, it’s not about how much you make but rather how much you don’t lose.
~ Bernard Baruch
Closing Remarks
In summary, after last week’s strong rally, the crypto market entered a correction phase, shaking out weak hands before showing signs of renewed strength.
BTC gained slightly by 0.75%, while ETH dipped over 2% as the 7-day heatmap reflected mixed sentiment. Technically, BTC remains bullish above the $118,000 support, with eyes set on $130,000 as the next target.
Meanwhile, ETH is consolidating within its range, and as long as $4,308 holds, a rebound toward $4,900–$5,000 remains likely.
