Welcome to our latest crypto market outlook for October 21st!
The market is steadily recovering after the big dip at the beginning of the month. Some altcoins are rebounding faster, and that’s exactly where you can see which ones are performing better. Here are five altcoins I’m watching this week: $ATH, $CAKE, $ASTER, $BNB, and $SPK.
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 is still standing strong above the $105,000 support zone.
If the $105,000 level is broken to the downside, we can expect a dip toward the $100,000 round number.
For the bulls to take control again and for optimism to return, a break above the last major high marked in orange at $112,000 is needed.
5 Altcoins Analysis
ATH is rejecting a strong support zone between $0.025 and $0.03.
As long as this support holds, we’ll be looking for long positions targeting the next resistance at $0.05.
For the bulls to take over and start the next leg up, a break above the last minor high marked in orange at $0.032 is needed.
In such a scenario, a bullish correction toward the upper bound of the falling red channel would be expected.
As per our latest market outlook, CAKE is currently retesting the rising blue trendline, which perfectly intersects with the $2.55 support level.
As long as this support holds, the only way from here is up.
For the bulls to take over and start the next bullish impulse, a break above the structure marked in red at $3.05 is needed.
As per our last Coin of the Week article, ASTER has been dipping sharply. However, it is currently retesting a strong support level and the round number at $1.
For the bulls to take over, a break above the structure at $1.265 is needed.
In this case, a move toward the upper bound of the falling wedge at $1.8 would be likely.
As per our latest BNB analysis, it is still rejecting a strong support zone between $1,000 and $1,045.
As long as the $1,000 level holds as support, the overall bias for BNB remains bullish.
Moreover, for the bulls to start the next impulse movement, a break above the $1,145 structure marked in red is needed.
SPK has been rejecting a major demand zone on the daily timeframe.
As long as this demand zone holds, we’ll be looking for long opportunities on the lower timeframes.
On the 4H timeframe, SPK has been bearish, trading within the falling channel marked in red.
For the bulls to take over and shift the momentum in their favor, a break above the last major high at $0.0445 is required.
Quotes / Advices
I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have.
~ Paul Tudor Jones
Closing Remarks
In summary, the crypto market is gradually recovering after the recent dip, with several altcoins showing strong signs of resilience.
BTC remains stable above the $105,000 support, but a break below could trigger a move toward $100,000, while a break above $112,000 would confirm renewed bullish momentum.
Among the altcoins, ATH is holding a key support between $0.025 and $0.03, aiming for $0.05 if strength continues.
CAKE is retesting its $2.55 support and could rally upon breaking $3.05.
ASTER is finding support near $1, with potential upside toward $1.8 once $1.265 is cleared.
BNB remains bullish above $1,000, with the next major resistance at $1,145.
Finally, SPK is rejecting a strong daily demand zone, and a breakout above $0.0445 could signal a bullish reversal.
