Welcome to our latest crypto market outlook for October 16th!
The crypto market is more liquid than ever. Which altcoins are you currently watching? Let me share my hot watchlist: BOME, TURBO, TAO, GFAL, and TON.
Today, we will cover the following topics:
- USDT.D and BTC Analysis
- 5 Altcoins Analysis
- Quotes / Advices
- Closing Remarks
USDT.D and BTC analysis
As anticipated in our last market overview, USDT.D is now hovering around the 5.25% support zone.
We now expect the bulls to step in, unless the 5% round number is broken to the downside.
On the 4H chart, for the bullish scenario to take effect, a break above the 5.51% structure is necessary.
In the meantime, USDT.D can still dip within the 5% - 5.25% support zone before making a surge.
In contrast to USDT.D, BTC is approaching a major resistance zone, where the upper blue and orange trendlines intersect, as highlighted in the last BTC chart.
It is now more likely that the bears will take control.
On the 4H timeframe, BTC has been bullish in the medium term, confined within the rising red channel.
The bulls will remain in control unless the last low at $64,750 is broken to the downside. If this occurs, a bearish correction toward $61,000 is likely.
5 Altcoins Analysis
BOME, the top-performing memecoin, is currently in a correction phase after a massive 50% pump.
As it approaches the green-marked demand zone, we will be watching for trend-following long opportunities on lower timeframes.
On the 1H chart, BOME is trading within a descending blue channel.
For the next bullish impulse to begin, BOME needs to break above the previous high marked in blue at $0.0096.
Moving on to TURBO, which is also one of the top performers this month.
The key question is, how far and for how long can this bullish momentum continue? As long as the last low, marked in red, holds, TURBO is expected to push higher.
If the last low at $0.1075 is broken to the downside, a deeper correction toward the blue demand zone is likely, where we will be looking for trend-following long opportunities.
TAO is another one of my favorites. It has been maintaining its bullish trend, trading within a flat rising wedge pattern marked in red.
As it approaches the lower bound of the wedge, the bulls are likely to gain an edge, so we'll be on the lookout for long opportunities with a favorable risk-to-reward ratio.
Analyzing GFAL, it is currently in correction mode and approaching a strong demand zone around the $0.01 round number.
As long as this demand zone holds, we expect an aggressive surge when GFAL retests the zone.
On the 4H chart, for the bulls to take full control and initiate a parabolic move upward toward $0.027, a break above the falling orange channel is required.
In the meantime, expect GFAL to dip within the daily demand zone.
Last but not least, let’s cover TON. As mentioned in our last altcoins article, TON remains confined between the $5 round number and the upper green trendline.
As long as the $4.7 support holds, the bulls can still step in to retest the upper bound of the green channel.
On the 4H chart, TON is hovering within a small range, forming an inverse head and shoulders pattern, with the neckline at $5.4.
For the long setup to be activated, the neckline needs to be broken. If that happens, a move toward the red-marked supply zone is expected.
Quotes / Advices
I get real, real concerned when I see trading strategies with too many rules (you should too).
~ Larry Connors
Closing Remarks
In summary, after a 50% pump, BOME is in a correction phase. It is approaching a demand zone where we anticipate trend-following longs on lower timeframes.
TURBO is one of the month's top performers, with bullish momentum expected to continue unless the $0.1075 support breaks, which could lead to a correction.
TAO has maintained its bullish trend within a rising wedge, and bulls may gain an edge near the lower bound of the wedge.
GFAL is in a correction phase, nearing a strong demand zone around $0.01. A surge is anticipated if the zone holds.
TON is trading near a critical resistance level, forming an inverse head and shoulders pattern. A break above the $5.4 neckline could lead to a move toward the supply zone.
