Crypto Weekly: 11 – 17 October 2021
Weekly Technical Analysis: 11 – 17 October 2021
BTC continues to create new highs and will be looking to challenge the $60,000 resistance level this week. Traders looking to make a quick profit should consider taking profit when prices approach this level, as it may prove to be a particularly strong resistance level during this round of recovery. If BTC’s support at $53,000 can remain intact, BTC’s uptrend should continue.
Despite a gradual recovery, ETH has not reversed into a proper uptrend yet. The support at $3,360 will have to remain intact for ETH’s recovery to continue. If BTC begins to stagnate, ETH could be the first altcoin to have a strong rally and will be looking to target its previous high at $4,300 in the long term.
Shiba Inu (SHIB)
SHIB has risen exponentially and has managed to remain above the 0.0007 Baht support level despite facing a correction after the price spike. Overall, SHIB has not lost its uptrend and will be looking to test resistance at the 0.0012 Baht level. Despite SHIB’s strong performance, the meme-token remains highly volatile, and its drastic price swings mean traders should be disciplined and ready to cut losses when the market starts to turn.
Axie Infinity Shard (AXS)
AXS is in the midst of a correction, and traders looking for an opportunity to enter an AXS position should keep an eye on the support level at 3,800 Baht. Assuming support can remain intact this week, AXS will be looking to target resistance at 5,200 Baht. If AXS begins to trend sideways, that could indicate an upcoming price surge.
Trading and Investment Consideration For The Week
Even though Bitcoin continues to create new highs, the rest of the market has yet to enter bullish mode. The Bitcoin Dominance index continues to rise, indicating that most of the money in the digital asset market continues to flow into Bitcoin.
Because the overall market trend remains unclear, traders should be cautious when picking a strategy to follow this week. The sudden speculation surrounding SHIB and the lack of sustained growth in Smart Contract platforms and GameFi tokens puts the market in a state of uncertainty as traders struggle to identify which tokens will be the next ones to surge.
Despite this, altcoins are almost certain to bounce back eventually. Ethereum, as the second-largest market cap token, will likely generate good returns soon despite lagging behind other Smart Contract Platforms like Solana and Terra lately. If Ethereum can rally, other altcoins will surely follow in its wake.
Even so, it is unclear whether Bitcoin is entering the end of a larger corrective phase or not. Despite being unlikely, it’s possible that Bitcoin’s latest rally from $40,000 to above the $53,000 level could be a Wave B rebound that precedes an upcoming Wave C correction according to Elliot Wave theory.
Traders are advised to keep a close eye on Bitcoin and whether the market leader can continue its rally past the $60,000 resistance level this week. If Bitcoin Dominance starts to decline, this could signal that the market is getting ready to shift its focus and funds back to the altcoin market, and traders should plan their moves accordingly.
*Materials on Bitazza Weekly Newsletter are intended to be used and must be used for informational purposes only. The views, information, or opinions expressed are solely those of the individuals involved and do not necessarily represent those of Bitazza and its employees. The information contained herein is not intended to be a source of advice or financial analysis with respect to the material presented, and the information and/or documents contained in this website do not constitute investment advice.
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