Welcome to our latest crypto market outlook for October 23rd!
The crypto market has been trading at a discount. Are you ready to shop for altcoins? Let me share the best deals on my list: ALPHA, FLOKI, SUI, ARB, and ZRX.
Today, we will cover the following topics:
- USDT.D and BTC Analysis
- 5 Altcoins Analysis
- Quotes / Advices
- Closing Remarks
USDT.D and BTC analysis
USDT.D has been respecting all our levels lately, as mentioned in our last couple of market outlooks.
As long as the 5% support level holds, the favor will be with the bulls.
For the bearish correction in the crypto market to begin, a break above the last high at 5.36% on USDT.D is required.
In the meantime, expect a choppy and uneventful market.
BTC is no different, with its price action hovering around the upper bound of the rising channel marked in blue.
According to the channel, we are expecting a correction toward the lower bound, around $63,000.
As mentioned in our last BTC update, for the bears to initiate the correction phase, a break below the last low at $66,500 is needed.
In the meantime, BTC can still push higher to test the $70,000 resistance zone.
5 Altcoins Analysis
Let's start with ALPHA, which has surged by over 135% this week, showing impressive strength.
Currently, it is in a correction phase and approaching a demand zone, so we will be looking to ride the next bullish impulse.
In the short term, we are waiting for a break above the last minor high, marked in blue at $0.095, for the next bullish impulse to begin.
Meanwhile, if ALPHA breaks below the green demand zone, we will anticipate a deeper correction toward the red demand zone around $0.058.
Moving on to FLOKI, which was one of the top performers among altcoins last month.
It is currently in a correction phase, retesting the lower bound of its channel, intersecting with a support zone marked in green at $0.000137.
As long as this intersection area holds, we expect the bulls to step in for one more significant impulse movement.
Next, we have SUI. If you recall from our previous market outlook, SUI respected our lower red trendline perfectly, providing us with a 33% gain on a long position.
Currently, it is retesting the same trendline, so will history repeat itself? As long as that trendline holds, we will be looking for trend-following long opportunities on lower timeframes.
Analyzing ARB, it has also been bullish, trading within the rising wedge marked in orange.
Today, it is retesting the lower bound of the wedge and a strong demand zone marked in green.
On the 1H timeframe, ARB has been in a correction phase, contained by the falling channel marked in red. This is what I call a clean setup.
Once the red channel and the last high at $0.587 are broken to the upside, the bullish impulse is expected to begin.
Last but not least, let's cover ZRX. Like most altcoins, ZRX has been growing steadily within a rising channel marked in orange.
As it approaches the lower bound of the channel, we expect the bulls to step in once again for another impulse move.
On the 1H timeframe, after rejecting the upper bound of the orange channel, ZRX has been bearish in the short term, trading within the falling red channel.
As long as the bears remain in control, further downside is expected toward the lower bound of the daily orange channel.
Quotes / Advices
When you genuinely accept the risks, you will be at peace with any outcome.
~ Mark Douglas
Closing Remarks
In summary, USDT.D remains bullish as long as the 5% support level holds, with a bearish correction expected if it breaks above 5.36%.
BTC is expected to correct toward $63,000, with a potential upside to test $70,000 if no breakdown occurs.
ALPHA is in a correction phase, looking for a bullish impulse above $0.095, while a break below the demand zone could trigger a deeper correction.
FLOKI is retesting a strong support zone, with bullish momentum anticipated if the intersection area holds.
SUI, after a 33% long position, is retesting its red trendline, with trend-following opportunities if the trend holds.
ARB, trading within a rising wedge, is in a correction phase, with a bullish impulse expected if it breaks the red channel and $0.587 resistance.
ZRX is also showing short-term bearish movement, with downside expected if bears remain in control.
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