Latest Market Overview 14th Oct: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA

Bitcoin’s market surge past $66,500 could pave the way for a fresh rally to new highs, with altcoins likely to follow suit.

Bitcoin (BTC), currently priced at $65,992, began the week on a strong upward trend, easily surpassing the $65,000 resistance level. This signals that the bulls have regained control and aim to break through the next resistance at $66,500.

Historically, October has been Bitcoin’s bullish month, and the rally on 14th October has pushed monthly gains to 4%. This has raised optimism that the worst may be over, with analysts anticipating further momentum if Bitcoin breaks through the $70,000 resistance level.

CoinShares’ Digital Asset Fund Flows Weekly Report on Oct. 14 shows that Bitcoin investment products witnessed inflows of $419 million. The firm’s head of research, James Butterfill, said in the report that the inflows into crypto investment products were primarily influenced by the United States elections rather than by the monetary policy outlook.

Bitcoin’s rally has triggered buying in several altcoins, which are attempting to rise above their respective overhead resistance levels. Could the up move sustain? Let’s analyze the charts to find out.

S&P 500 Index (SPX) Market Analysis

The S&P 500 Index picked up momentum after breaking above the 20-day exponential moving average (5,727) on Oct. 8.

The bulls will try to propel the index to 6,000, where the sellers are expected to mount a strong defence. However, if the buyers do not give up much ground from 6,000, the up move could extend to 6,221.

The first support on the downside is at the 20-day EMA and, after that, at the breakout level of 5,670. Sellers will have to sink and maintain the price below 5,670 to indicate the start of a deeper correction.

US Dollar Index (DXY) Market Analysis

The US Dollar Index extended its recovery last week, rising toward the 103.54 overhead resistance.

The moving averages have completed a bullish crossover, and the relative strength index (RSI) is near the overbought zone, signalling that the bulls are in firm control. If buyers overcome the barrier at 103.54, the up move may reach 105.

The 20-day EMA (101.99) is the crucial support to watch for on the downside. A break and close below this support will suggest that the bears are selling on rallies. The index may then skid to the 50-day simple moving average (101.69).

Bitcoin (BTC) Market Analysis

Sellers tried to pull the market price below the 20-day EMA ($62,500) on Oct. 13, but the bulls held their ground and started a strong rally on Oct. 14.

The BTC/USDT pair is facing resistance at $66,500, but if buyers do not allow the price to remain below $65,000, the likelihood of a breakout will increase. The pair could then swiftly rise to $70,000. Sellers are expected to fiercely defend the zone between $70,000 and $73,777.

Time is running out for the bears. If they want to make a comeback, they will have to drag the price back below the moving averages. If they do that, the psychologically critical support at $60,000 may be tested. 

Ether (ETH) Price Analysis

After several failed attempts, Ether finally broke above the moving averages on Oct. 14, indicating an advantage to buyers.

The ETH/USDT pair has reached the resistance line of the symmetrical triangle, where sellers will try to halt the up move. If buyers overcome the resistance, the ETH/USDT pair could rise to $2,850 and thereafter to $3,400.

On the contrary, if the price turns down sharply from the resistance line and breaks below the moving averages, it will signal that bears remain sellers on rallies. That could keep the pair inside the triangle for a few more days.

BNB Price Analysis

Sellers pulled BNB market below the 20-day EMA ($570) on Oct. 14, but the bulls bought the dips to the 50-day SMA ($553).

If the price maintains above $587, the BNB/USDT pair is likely to rally to the stiff overhead resistance of $635. Buyers may find it challenging to propel the price above $635, but if they can pull it off, the next stop is likely to be $722.

This optimistic view will be negated in the near term if the price turns down and breaks below the $527 support. The pair may then descend to the support of the range at $460, where buyers are expected to step in.

Solana (SOL) Price Analysis

Solana is forming a bullish ascending triangle pattern, which will complete on a break and close above $164.

If buyers succeed in piercing the $164 resistance, the SOL/USDT pair is likely to rally to $189. This level may act as a minor obstacle, but if the bulls prevail, the pair could stretch the up move to the pattern target of $218.

Contrarily, if the price turns down from $164, it will suggest that the pair may remain inside the triangle for a while longer. The bears will have to tug the price below the uptrend line to invalidate the bullish setup.

XRP Price Analysis

XRP has been trading below the moving averages for the past several days, but the failure to pull the price below $0.50 suggests that selling dries up at lower levels.

Buyers will try to build their strength by pushing the price above the moving averages. If they manage to do that, the XRP/USDT pair could rally to the overhead resistance at $0.64. Sellers are expected to vigorously defend the $0.64 level as they have done in the past.

Alternatively, if the price turns down from the moving averages, it will signal that the bears remain sellers on every rise. A break below $0.50 could start a downward leg to the solid support at $0.46.

Dogecoin (DOGE) Price Analysis

Dogecoin closed above the 20-day EMA ($0.11) on Oct. 11, and the bulls thwarted the bears’ attempts to pull the price lower.

Buyers will try to push the price to the resistance line of the symmetrical triangle pattern. If the price turns sharply from the resistance line, it will signal that the DOGE/USDT pair may extend its stay inside the triangle.

The next trending move will begin on a break above or below the triangle. If buyers thrust the price above the resistance line, the pair could rise to $0.14 and then to $0.18. On the downside, a break below the support line could sink the pair to $0.08.

Toncoin (TON) Price Analysis

Toncoin has been trading near the moving averages for the past two days, indicating buying by the bulls at lower levels.

The RSI is gradually moving toward the midpoint, signalling that the bearish momentum is weakening. That increases the possibility of a break above the moving averages. The TON/USDT pair may climb to $6, which is expected to act as a barrier. 

The first sign of weakness will be a close below $5. That could sink the pair to the $4.72 to $4.44 support zone. Buyers are expected to guard this zone with all their might because a break below it could start a new downtrend.

Cardano (ADA) Price Analysis

Buyers finally pushed Cardano above the moving averages on Oct. 14, suggesting that the bears have given up.

There is minor resistance at $0.37, but that is likely to be crossed. The ADA/USDT pair could then rally to the overhead resistance of $0.40, where bears will try to halt the up move. If the price turns down sharply from $0.40 and breaks below the moving averages, it will signal that the range-bound action may continue for a few more days.

Conversely, if buyers drive the price above $0.40, it will signal the start of a new up move. The pair may rise to $0.45 and subsequently to $0.50.

Source – Rakesh Upadhyay