Welcome to another crypto market outlook for the 29th of September!
USDT.D is nearing a monthly support level and the round number of 5%, signaling a potential reversal soon. Do you think it will happen? Let’s explore the possibilities together.
Today, we will cover the following topics:
- Market Heatmap and Fear and Greed Index
- US500, DXY and Gold Analysis
- USDT.D, Bitcoin and Ethereum Analysis
- Quotes / Advices
- Closing Remarks
Market Heatmap and Fear and Greed Index
The crypto market seems to be cooling down after three weeks of high volatility. BTC had a relatively uneventful week, closing around breakeven.
As usual, the entire market followed BTC’s lead, experiencing a choppy week, although a handful of altcoins took the opportunity to surge by 10% or more.
Even though the market is indecisive, the Fear and Greed Index is still signaling Greed, as traders are anticipating a bullish run to begin after the US election, which is set to take place in like 2 months.
US500, DXY and Gold analysis
The US500 is stronger than ever and continues to trade higher, performing like a beast as mentioned in our last market overview.
However, the next level to watch is $6,000, where the price may face rejection.
On the 4H chart, it remains bullish within the blue channel.
As the price approaches the lower bound and the previous major high at $5,650, we expect the bulls to step in for a massive impulse.
DXY remains stable despite the ongoing interest rate cuts and the upcoming election.
As long as the $100 round number and support hold, DXY is expected to remain strong, with a bullish reversal anticipated.
From the 4H chart, DXY has been losing strength in the short term, confined within the descending channel marked in green.
The bears will likely remain in control short-term unless the $101 local resistance is broken to the upside.
Gold has been surging lately, recording new all-time highs daily.
However, it is approaching the significant round number of $2,700, which could signal a short-term bearish correction if rejected.
The bulls will remain in full control unless the rising green channel is broken to the downside.
In that case, a bearish correction could occur, pushing the price toward the previous major low at $2,565.
USDT.D, Bitcoin and Ethereum analysis
USDT.D shows no significant changes compared to our previous market outlook.
It continues to approach the lower bound of both the horizontal and non-horizontal ranges.
USDT.D will remain bearish unless the last major high at 5.49% is broken to the upside.
In the meantime, all attention is focused on the crucial daily support zone between 5% and 5.25%.
BTC has been steadily gaining strength and is approaching the upper bound of its range.
As it gets closer to the $68,000 mark, the likelihood of a bearish correction increases.
The bulls show no signs of slowing down as long as BTC remains above $64,200.
However, if the $64,200 level is broken to the downside, expect a bearish move toward the $60,000 - $61,000 range.
ETH is following BTC’s lead, reaching new highs every week.
As long as traders remain optimistic, a move toward $2,500 within the next couple of weeks is still possible.
Is history repeating itself? In our last market outlook, we anticipated ETH to rebound from the lower bound of the red wedge pattern.
As ETH retests the lower red trendline once more, we expect the bulls to step in again.
Quotes / Advices
The key to successful trading is to specialize in a particular market, focus, and know it inside out.
~ Linda Bradford Raschke
Closing Remarks
In summary, the crypto market experienced a cooling phase after several weeks of high volatility, with BTC closing around breakeven and altcoins showing selective surges.
US500 remains strong, trading within a bullish channel on both the monthly and 4H timeframes while DXY remains stable amid interest rate cuts and election uncertainty.
Gold continues to record new all-time highs, driven by bullish momentum. However, it is approaching the $2,700 level, which could trigger a short-term bearish correction if rejected.
USDT.D shows little change, approaching the lower bound of its range while BTC is gaining strength, nearing the $68,000 mark, where a bearish correction may be triggered.
ETH follows BTC’s lead, recording new highs each week. Traders remain optimistic about a move to $2,500 in the coming weeks.
