Welcome to our latest crypto market outlook for November 18th!
The crypto market is at a make-or-break zone as $BTC is teasing the $90,000 support area. If we get a bounce from here, it could be one of the best times to buy, as the market is extremely oversold. Here are five tokens on my watchlist this week: $ENA, $NEAR, $ASTER, $DCR, and $STRK.
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 has been melting for the last couple of weeks, and many traders are losing hope.
However, from a technical perspective, as long as the lower blue trendline of the rising wedge pattern holds, the overall bullish bias remains intact.
From a medium-term perspective on the daily timeframe, $BTC has also been retesting the lower bound of its falling channel, which has been engulfing this entire correction phase.
The $90,000 mark lines up perfectly with the lower bound of the red channel, acting as an oversold zone.
5 Altcoins Analysis
After breaking below the $0.50 round number, ENA has been overall bearish for almost a month.
However, it is currently retesting the lower bound of its range and the $0.20 support, so we will be looking for longs on lower timeframes.
For the bulls to take over and shift the momentum in their favor, a break above the last major high marked in orange at $0.303 is needed.
Until then, ENA remains bearish and can still retest the $0.20 support zone.
As per our latest market outlook, NEAR is still hovering around the lower bound of its macro range.
As long as the $1.50 support level holds, we will be looking for longs targeting the upper bound of the range around $8.
For the markup phase to finally start, a break above the upper bound of the short-term range at $3.65 is needed.
Meanwhile, as NEAR retests the $1.50 support level, we will be looking for new short-term longs.
As per our analysis last week, ASTER broke above the inverse head-and-shoulders neckline at 1.277, confirming the start of the markup phase.
ASTER is now bullish, trading above the rising blue trendline.
Thus, every bearish correction is an opportunity to look for trend-following longs on lower timeframes.
After a 300% pump, DCR has been in a correction phase in the shape of a symmetrical triangle marked in blue.
For the bulls to take over again and trigger another pump, a break above the upper bound of the triangle and the $40.5 high is needed.
Meanwhile, as DCR retests the lower bound of the triangle, we will be looking for new short-term longs.
Last but not least, STRK has been one of the strongest altcoins this week, trading within a rising channel despite the overall market being bearish.
This week, STRK is retesting the lower bound of its channel, so we will be looking for trend-following longs on lower timeframes.
For the bulls to start the next impulse phase, a break above the upper red trendline and the last major high at 0.2 is needed.
Quotes / Advices
Sometimes your best investments are the ones you don’t make.
~ Donald Trump
Closing Remarks
In summary, the crypto market is currently sitting at a critical support zone, with BTC retesting 90,000 and the entire market showing signs of being heavily oversold. While sentiment is shaky, the technicals suggest that bullish momentum can still return if key support levels hold.
ENA is retesting the bottom of its range and the 0.20 support, presenting potential short-term long opportunities.
NEAR is holding the 1.50 macro support level, maintaining room for a move toward the upper bound of its range.
ASTER remains bullish after breaking its inverse head-and-shoulders neckline, making every correction a chance to look for trend-following longs.
DCR is consolidating inside a symmetrical triangle, and a break above 40.5 is needed to trigger its next bullish impulse.
STRK continues to be one of the strongest altcoins, retesting its rising channel support and offering new trend-following long setups.
