Welcome to our latest crypto market outlook for October 9th!
Are you ready for a medium-term pump? Which altcoins are on your list? Here are mine: REEF, CELR, RUNE, SUI, and TRU.
Today, we will cover the following topics:
- USDT.D and BTC Analysis
- 5 Altcoins Analysis
- Quotes / Advices
- Closing Remarks
USDT.D and BTC analysis
After rebounding from the 5.2% support zone, USDT.D has been gaining strength for nearly a month according to our last USDT.D update.
This week, USDT.D has entered a bearish correction phase, retesting the previous structure.
On the 4H chart, the bears will remain in control as long as it trades below the 5.7% structure, which could lead to a move toward the 5.4% demand zone.
If the 5.7% level is broken to the upside, there is potential for a continuation towards the 6% supply zone.
BTC is still holding firmly above the $60,000 support zone despite global events and selling pressure as mentioned in our latest market overview.
This is a positive sign, which could lead to an explosive bullish movement once the market turns optimistic again.
In the medium term, this is a crucial zone for BTC as it remains stuck between $61,700 and $64,500.
If the $61,700 level breaks to the downside, a drop toward the $58,000 - $60,000 support zone is likely.
Conversely, if the $64,500 level is broken to the upside, further bullish pressure could push BTC towards the $69,000 mark.
5 Altcoins Analysis
Let’s start with the top gainer this month. After surging over 880%, REEF encountered resistance around the major high of $0.008 and has since entered a correction phase.
As it retests the $0.004 support zone, we anticipate the bulls to take control again, potentially leading to another impulsive movement.
On the 4H chart, REEF has been trading within a rising wedge pattern (in purple) and is currently approaching its lower bound.
As it retests the lower purple trendline, we will be watching for any bullish reversal patterns, such as a double bottom, and head and shoulders.
Moving on to CELR. After a year-long bearish trend, the bears seem to be losing momentum, as CELR’s impulsive movements have become smaller and flatter.
For the past couple of weeks, CELR has been hovering within a range, suggesting a major accumulation phase.
For the markup phase to begin, a break above the $0.014 accumulation level is needed, which could lead to a bullish movement towards the next resistance at $0.02.
RUNE has been outperforming many altcoins, maintaining a bullish trend since August while trading within an ascending channel.
As it retests the lower bound of the channel and the $4.5 support level, this area presents an attractive opportunity to look for trend-following long positions on lower timeframes.
Analyzing SUI, it has been surging in a parabolic manner and is one of the few altcoins to recently reach its all-time high.
This week, SUI rejected its all-time high, so we expect a correction, which could provide an opportunity for those who haven't entered yet.
On the 4H chart, SUI has been trading within a rising wedge, marked in red.
After rejecting the upper bound of the wedge, which aligns with the all-time high (ATH), SUI has entered a correction phase.
The lower trendline intersects with a demand zone, marked in orange, making this area very attractive for potential long positions.
Last but not least, let’s cover TRU. This one mirrors nearly 90% of altcoin movements.
Most altcoins are trading within a flat channel, and this week, they are approaching their lower bounds.
In the medium term, TRU is forming a double bottom pattern around the lower boundary of the daily range.
We are waiting for a momentum candle to close above the neckline at $0.089, signaling the bulls to take control and push toward the upper boundary of the range.
Quotes / Advices
The key to successful trading is not predicting the future, but managing risk and capital effectively.
~ Marty Schwartz
Closing Remarks
In summary, REEF surged over 880% but is currently in a correction phase after hitting resistance at $0.008. As it retests the $0.004 support zone, there is potential for another impulsive move if bulls regain control.
CELR has been in a year-long bearish trend, but signs of accumulation have emerged as its movements have become smaller and flatter.
RUNE has been one of the top performers since August, maintaining a bullish trend within an ascending channel.
SUI recently surged in a parabolic manner, reaching its all-time high. However, after rejecting this level, SUI is undergoing a correction, providing a potential entry point for those looking to buy.
TRU mirrors the movement of many altcoins, trading within a flat channel and approaching its lower bound.
Be sure to review our previous altcoin analysis for additional insights and setups.
