Welcome to our latest crypto market outlook for October 2nd!
Are you enjoying altcoin shopping? If not, what are you waiting for? Here are five altcoins I've been keeping an eye on lately: BB, FET, QTUM, ETC, and MINA.
Today, we will cover the following topics:
- USDT.D and BTC Analysis
- 5 Altcoins Analysis
- Quotes / Advices
- Closing Remarks
USDT.D and BTC analysis
USDT.D rejected the 5.25% support level, as mentioned in our last market overview, perfectly.
The bullish impulse has officially started, and more market pressure is expected, especially if tensions in the Middle East escalate.
On the 4H chart, the bulls gained control after breaking above the 5.49% high.
A bullish continuation is now expected towards the first local resistance at 6%, which could negatively impact the crypto market.
After Iran fired hundreds of missiles at Israel, the crypto market experienced an aggressive drop, with BTC dipping by more than 9%.
However, BTC is currently retesting strong support at the key level of $60,000, so the bulls may step in soon.
After breaking below the recent low of $64,200, BTC’s momentum has shifted from bullish to bearish.
However, as long as the $58,000 - $60,000 support zone holds, the bulls still have the potential to regain control.
5 Altcoins Analysis
Let's begin with BB. This one has been relatively stable, growing slowly in this choppy market, forming a flat rising wedge pattern.
As it approaches the lower boundary of the wedge, we expect the buyers to step in soon!
On the 1H timeframe, the sellers have already taken control after rejecting the upper boundary of the daily wedge and breaking below the last low, marked in blue.
For the next bullish wave to begin and push the price toward $0.5, a break above the falling wedge, highlighted in red, is necessary.
As expected, FET rejected the $1 round number and moved higher in a parabolic manner as mentioned in our previous FET analysis.
This week, FET is retesting the lower boundary of its rising range, so we will be on the lookout for trend-following longs as long as the lower trendline holds.
Despite recent bearish pressure, QTUM held above the $2 round number and support level impressively. It is currently in an accumulation phase, forming an inverse head and shoulders pattern.
After breaking above the neckline at $2.8, we expect the markup phase to begin, potentially pushing the price towards the $4 mark.
Analyzing ETC, it has been holding within a strong support zone between $15 and $20.
As long as ETC remains in this range, we will be looking for bullish reversal setups on lower timeframes.
ETC has been relatively stagnant lately, stuck within a narrow horizontal rectangle.
For the markup phase to finally begin, a break above this pattern is required, which will be confirmed by a candle close above the $21 mark.
Last but not least, let’s cover MINA. At the end of last month, MINA clearly rejected the $0.5 support and round number.
This is a strong indication that buyers are finally gaining momentum after nearly a year of bearish pressure.
On the daily chart, MINA has been forming a giant head and shoulders pattern, highlighted in orange, with the neckline at $0.62.
Once the $0.62 mark is broken to the upside, we can expect a strong bullish wave, potentially pushing the price towards the $1 round number and resistance level.
Quotes / Advices
My attitude is that I always want to be better prepared than someone I’m competing against. The way I prepare myself is by doing my work each night.
~ Marty Schwartz
Closing Remarks
In summary, USDT.D has rejected key support levels, signaling a bullish impulse, with the next target resistance at 6%.
BTC experienced a sharp decline due to geopolitical tensions but is retesting crucial support between $58,000 and $60,000, offering a chance for a bullish reversal.
BB is forming a flat rising wedge, awaiting a potential bullish breakout.
FET is showing strong upward momentum after rejecting the $1 level, while QTUM is in an accumulation phase, forming an inverse head and shoulders pattern.
ETC is consolidating within a narrow range, needing a breakout above $21 for a bullish continuation.
Finally, MINA is gaining momentum after rejecting the $0.5 support, forming a head and shoulders pattern with a potential breakout above $0.62 that could push it towards the $1 mark.
Don't forget to check out our earlier analysis on altcoins for more insights.
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