October is indeed proving to be a bullish month for crypto. With just 5 days left, BTC has been steadily climbing. Will the month close on a bullish note, or could a sudden shift in trend swing the market in favor of the bears? Let’s explore the possibilities.
7 Days Heatmap
BTC has been rising slowly and steadily, showing strength. However, with every minor correction in BTC, the broader crypto market is struggling.
BTC continues to outperform the entire market, which is a promising early phase in the making of a bull run.
BTC Analysis
Referring back to our previous market outlook, BTC remains within the rising channel marked in blue.
At the moment, BTC is hovering in the middle of this channel, offering no particular advantage for investors.
As BTC approaches the upper boundary of the channel around $70,000, a correction driven by bearish pressure is anticipated.
Conversely, as BTC nears the lower boundary and the $63,500 demand zone, a third bullish impulse is expected.
ETH Analysis
ETH has also remained stable, trading within its $2,500 to $3,000 range, as highlighted in our latest ETH analysis.
Currently, ETH is nearing the lower boundary of this range and the $2,400 to $2,500 support level, where we anticipate a strong bullish response.
The bulls are likely to maintain long-term control unless the $2,400 level is breached to the downside; in that scenario, the crypto market could experience further pain.
Quote of the week
We become what we consistently do.” “Routine is necessary for efficiency; breaking routine is necessary for adaptation.
~ Brett Steenbarger
Closing Remarks
In summary, October has been a strong month for crypto, with BTC steadily climbing and outperforming the market.
BTC remains within a rising channel, with potential resistance around $70,000, suggesting a possible correction. Meanwhile, support around $63,500 could trigger another bullish move.
ETH has been trading stably within its $2,500 to $3,000 range and is nearing the $2,400 to $2,500 support level, where bulls may take control. However, if ETH breaks below $2,400, a broader market downturn could ensue.
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