Welcome to our latest crypto market outlook for September 10th!
Are you ready to dive in? Let’s go over USDT.D and BTC, followed by five interesting altcoins: ARPA, ENJ, TEL, IOTA, and LAKE.
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 speculated in our latest USDT.D analysis, it rejected the upper bound of the rising wedge and has been declining since then.
As long as the bears remain in control, USDT.D could continue trading lower for a few weeks, potentially reaching the lower bound of the wedge, as low as 5%.
On the 4H timeframe, the bears confirmed control after breaking below the lower red trendline and the last low at 6.03%.
We are now expecting a bullish leg within the crypto market.
As per the latest market overview, BTC rejected the $52,000 support and surged higher like a beast.
However, BTC is currently at a critical checkpoint.
Meanwhile, we will expect more bearish pressure within that falling wedge pattern marked in red.
5 Altcoins Analysis
Let's start with ARPA. It has been trading within a wide range between the $0.025 support and the $0.1 resistance.
This month, ARPA rejected the lower bound of the range, which presents a very attractive area to start considering medium-term long positions.
On the daily timeframe, the momentum is still bearish but is gradually shifting towards bullish, as the bearish impulse movements are becoming flatter and smaller.
For a bullish confirmation, a break above the last high at $0.0515 is necessary.
Now let’s go over ENJ. It has been bearish for almost two years, with the bulls unable to break above a major high.
Lately, the bears seem to be exhausted, especially after rejecting the $0.10 - $0.12 monthly support zone.
ENJ is now considered to be in an accumulation phase, awaiting the markup phase to begin after a break above the previous major high of $0.17, marked in red.
Next, we have TEL. It is forming one of my favorite long-term reversal setups.
TEL is already oversold and approaching a significant weekly and monthly support and demand zone around the $0.001 level, presenting an opportunity to capitalize on the next bullish wave.
As TEL nears the $0.001 level, we will be watching for short-term buy setups on shorter timeframes.
Analyzing IOTA, it is also reaching a significant rejection zone around its all-time low and the $0.10 round number.
As long as it remains within the $0.05 - $0.10 support zone, we expect the bulls to kick in aggressively soon.
On the daily timeframe, IOTA is still overall bearish tho. We are awaiting the last high at $0.15 to be broken upward to expect a bullish reversal towards the $0.2 mark.
Last but not least, let’s go over LAKE. Similar to the others, it is approaching an attractive zone that acts as a demand area, support level, and round number.
You know the drill, let’s zoom in to the lower timeframes and look for a buy setup.
LAKE is a perfect example of a shift in momentum in action. You can see how the bearish impulse movements are becoming smaller and flatter.
However, this doesn’t mean that the bulls are in control just yet.
For the bulls to take full control, we need a break above the last major high, which is around the $0.005 round number.
Quotes / Advices
In trading and investing, patience is a virtue, panic is not.
~ Peter Lynch
Closing Remarks
In summary, USDT.D has been declining within a rising wedge pattern, while BTC rejected support at $52,000, showing potential for medium-term bullish momentum if it breaks above $60,000.
ARPA is approaching a potential bullish setup, while ENJ is in an accumulation phase, awaiting a breakout above $0.17.
TEL is forming a long-term reversal setup, with a key support level at $0.001.
IOTA is near a critical rejection zone but remains bearish until a break above $0.15.
Lastly, LAKE shows signs of a momentum shift but requires a break above $0.005 for bulls to take full control.
Take a look at our latest altcoins article.
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