Welcome to our latest crypto market outlook for October 14th!
After a big dip at the beginning of this week, altcoins have been recovering quickly, and a few have already broken major highs! Here are five altcoins I’m watching this week: $DASH, $RENDER, $POL, $SNX, and $ZEC.
Today, we will cover the following topics:
– BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
BTC analysis
As per our latest BTC analysis, it dropped sharply after rejecting the $125,000 round number.
This week, BTC has been trading within a narrow range between the $107,500 support and the $118,000 structure.
As long as $107,500 holds as support, the overall bias remains bullish.
In the medium term, BTC is retesting the daily support and the orange demand zone on the 4H timeframe.
As long as this area holds, we’ll be looking for long positions targeting the $118,000 structure marked in blue.
5 Altcoins Analysis
DASH has been one of the best performers this week, surging by over 100% in just a couple of days.
From a long-term perspective, it is still trading within a range between the $30 and $60 round numbers.
In the medium term, DASH has been trading within the rising wedge pattern marked in orange.
This week, after rejecting the upper boundary of the wedge, DASH entered a correction phase.
It is currently retesting the $45 structure marked in blue, so we’ll be looking for trend-following long setups.
If $45 breaks to the downside, the next potential rebound area would be around the $40 demand zone.
As per our latest market outlook, RENDER is rejecting the $2–$3 support zone.
As long as the $2 support level holds, we expect a bullish correction toward the upper boundary of the falling channel and the $7 round number.
For the bulls to fully take control and shift the momentum in their favor, a break above the falling orange channel is required.
As per our latest POL analysis, it has been in a correction phase, trading within the falling channel marked in red.
However, in the long term, POL remains bullish, trading within the flat rising channel marked in blue.
As long as the lower bounds of both channels and the $0.165 support level hold, we’ll be looking for long positions targeting the upper boundary of the blue channel.
SNX has been a beast lately, surging by over 400% from $0.5 to $2.5.
This week, SNX is retesting the $2.5 resistance level.
For the bulls to stay in control and push toward the $3.6 resistance, a break above $2.5 is required.
Meanwhile, SNX could still undergo a correction toward the $1.5 support level, where we’ll be looking for new long opportunities.
ZEC has also been surging like crazy over the past couple of weeks, climbing from $25 all the way to the $300 mark.
This week, ZEC has been trading within a wide range between the $200 and $300 round numbers.
This week, ZEC has been in a correction phase, trading within the falling channel marked in orange.
As it retests the lower boundary of the rising wedge pattern in red and the $200 support level, we’ll be looking for trend-following long setups on lower timeframes.
Quotes / Advices
Amateurs think about how much money they can make. Professionals think about how much money they could lose.
~ Jack Schwager
Closing Remarks
In summary, after a volatile start to the week, the crypto market has shown strong signs of recovery, with several altcoins making impressive comebacks.
BTC remains in a consolidation phase between $107,500 and $118,000, maintaining a bullish bias as long as key support holds.
Among altcoins, DASH led the rally with a 100% surge, RENDER is showing strength from its $2–$3 support zone, and POL continues to build a bullish structure within its rising channel.
SNX remains one of the top gainers, eyeing a breakout above $2.5, while ZEC is correcting after a massive run but still holding above major support.
