The last couple of weeks were critical for the crypto market, as they were enough to shift the entire momentum once again. October is usually a good month for crypto, and traders are optimistic. And you should be too. Here is why...
7 Days Heatmap
BTC has been leading the bullish movement this week, surging a little over 12.9%, which is generally healthy for the crypto market.
ETH, on the other hand, is late to the party as it remained stubborn with little to no gains.
BTC Analysis
BTC has maintained its bullish trend, trading within the rising channel in red, as mentioned in our last market analysis article.
However, it is currently hovering around the upper bounds of the three trendlines in red, orange, and blue.
The bulls will remain in control unless the last low at $66,500 is broken to the downside, which could lead to a bearish correction towards the lower bound of the blue channel.
ETH Analysis
ETH has been a beast from a short-term perspective, especially after breaking above the $2,525 structure mentioned in our last ETH analysis.
However, similar to BTC, ETH is hovering around the upper bound, which happens to be the triangle marked in orange.
For ETH's bullish pressure to persist, a break above the triangle at $2,730 is needed.
Meanwhile, as it retests the key level of $2,500, we will be looking for short-term longs again.
Quote of the week
Never invest in any idea you can’t illustrate with a crayon.
~ Peter Lynch
Closing Remarks
In summary, BTC has led the bullish movement, rising over 12.9%, while ETH has been slower to follow.
BTC is currently trading within key trendlines and remains bullish unless the $66,500 support level is broken.
ETH has shown strong short-term performance after surpassing the $2,525 level, but it now hovers near the upper bounds of a triangle.
A break above $2,730 is necessary for continued bullish momentum, with the $2,500 level being an area of interest for short-term trades.
Enjoying these brief updates? Dive into our in-depth market outlooks for a comprehensive analysis.
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