reetings, esteemed ACG community members!
As we set forth on an insightful journey, we'll dissect the current market landscape, providing you with priceless insights to make well-judged decisions.
With assurance, embrace this exhilarating expedition into the world of crypto, where abundant opportunities await your grasp.
Our collective voyage will skillfully navigate the realm of digital currencies, furnishing expert analysis and indispensable pointers, ensuring your competitive edge in this ever-evolving domain.
This empowering quest of discovery beckons you to join.
Prepare to submerge yourself in the intriguing universe of cryptocurrencies, where endless avenues for exploration are yours to seize!
Table of contents
- USDT.D and BTC Analysis
- 6 Altcoins Analysis
- Quotes / Advices
- Closing Remarks
1. USDT.D and BTC analysis
As usual, I always start my analysis with USDT.D as it serves as an indicator of traders' sentiment. USDT.D reflects whether traders are optimistic (investing in cryptocurrencies) or pessimistic (shifting towards stablecoins).
This week, USDT.D faced a rejection at the 7.52% resistance zone and subsequently traded lower.
Currently, it appears to be establishing a support level around 7.25%.
Unless there is a successful breach above the 7.52% threshold, there remains the possibility for bearish pressure to come into play, potentially pushing USDT.D towards the downside. Such a corrective movement could have positive implications, contributing to the overall well-being of the cryptocurrency market.
The bears have gained the upper hand in the short-term, as evidenced by the breach below the 7.38% low.
To sustain their control, a further drop below 7.23% is necessary. If this occurs, we can anticipate extended bearish momentum, potentially leading to a decline to the 7% support level.
Such a scenario could actually be beneficial for the overall health of the cryptocurrency market.
BTC continues to persist within a broader bearish trend, and our projections maintain a downward trajectory towards the green support line and trendline, positioned around the 27,500 level.
However, this course could potentially alter should a resurgence of bullish momentum take place, evident through a breakthrough above the key resistance at the 30,400 mark.
On the H4 timeframe, when considering a medium-term perspective, BTC remains constrained within a narrow range spanning from 28,800 to 30,400.
To firmly establish a bearish stance, a definitive breach below the recent low of 28,800 becomes crucial. In such an instance, we can then anticipate a subsequent downward movement targeting the 27,500 level.
Examining the H1 timeframe in accordance with our previous article, it was highlighted that bullish momentum would manifest upon surpassing the most recent minor peak at 29,190.
Subsequently, following a rejection at the 30,000 resistance level, BTC underwent a decline and breached the preceding minor low marked in gray. Consequently, this alteration in pattern has tilted the bias towards a short-term bearish outlook.
As a result, an anticipated movement is foreseen towards the lower threshold of the range, approximately at 29,000 once more.
2. 6 Altcoins Analysis
Starting with QNT, it is clear that the prevailing long-term sentiment is bullish. This conclusion is drawn from QNT's position within the ascending flat channel depicted in brown, which stretches from the 100.0 support to the 110.0 resistance level.
Consequently, as long as the foundation of 98.5 support remains intact, our strategy will revolve around identifying buy opportunities on shorter timeframes
To trigger a bullish scenario, we anticipate a breakout above the previous significant peak at 103.4, with a subsequent target set at the 108.5 level!
While awaiting the activation of the buying scenario, QNT's outlook could lean towards the bearish side, potentially resulting in continued trading within the confines of the established support zone.
Next, we have TRIAS, which has exhibited a predominantly bullish trend, operating within the confines of an ascending channel denoted in blue. Presently, it is undergoing a correction phase as it nears the lower boundary of this channel.
Provided the 3.0 support remains intact, our focus will be directed towards identifying potential bullish setups on shorter timeframes, in anticipation of capturing the upcoming upward impulse movement.
To initiate a bullish scenario from the H4 timeframe, we are anticipating a breakout above the prior noteworthy peak at 3.6, followed by a subsequent target set at the 4.05 level.
QTUM has been confined within a significant range and is presently edging towards a robust support zone near 2.42, indicated in blue. As a result, we will be actively seeking potential buy setups on lower timeframes.
To catalyze a bullish takeover, we eagerly await a breakout above the last significant high at 2.65. Once the bulls establish control, our target for the upward movement will be 2.89.
While awaiting the activation of the buy scenario, QTUM maintains the potential to trade lower until it reaches the daily support at 2.42. Should this occur, we will then focus on identifying new short-term buy setups.
CFX has been experiencing an overall bearish trend, trading within the confines of a significant red channel.
However, it's evident that the bears are gradually losing momentum, evident in the relatively flat angle of the most recent impulse movement compared to the preceding two steep impulse movements.
Furthermore, CFX is getting closer to a strong demand zone at around 0.16, which makes us anticipate that the bulls will likely start taking action soon.
Looking at the short-term outlook on the H4 timeframe, CFX has been confined within a range forming a double bottom pattern.
To pave the way for bullish control, a momentum candle closing above the blue-marked neckline at approximately 0.195 is essential.
Following the rejection of the 0.018 resistance zone, CELR has sustained a bearish trend for several weeks, with its trajectory now converging towards a robust support area near 0.0138.
As a result, our strategy entails identifying potential buy opportunities on lower timeframes, acknowledging the possibility of CELR potentially descending within the support zone prior to any upward movement.
On the H4 timeframe, CELR has been shaping an inverse Head and Shoulders pattern within the bounds of a robust demand zone.
Following the traditional approach, we will await a breakout above the neckline positioned at 0.01485, subsequently aiming for a target of 0.016.
Meanwhile, as CELR nears the demand zone once more around 0.0138, we will be actively seeking fresh short-term buy opportunities on lower timeframes.
KLAY is currently confined within a significant range spanning from 0.15 to 0.18.
To facilitate a bullish shift from a broader standpoint, a breakthrough above the 0.19 level is required.
Simultaneously, with KLAY approaching the lower limit of this range, our focus will be directed towards identifying short-term buy opportunities.
To enable a short-term bullish takeover, observed from the H4 timeframe, a momentum candle closure above the most recent significant high at 0.159 is requisite.
Upon this occurrence, a bullish movement towards the supply zone at 0.167 becomes a plausible expectation.
Concurrently, while awaiting the buy activation, KLAY retains the potential for further decline within the support zone of 0.14 to 0.15.
3. Quotes / Advices
Trading is distinct from gambling when approached in the right manner. In trading and investing, much like in any other business, the goal is to generate cash flow from the available assets.
The objective is to make well-informed decisions to ensure a consistent cash flow for the business. In the realm of trading, this involves:
- Selecting trades that offer the highest potential reward compared to their associated risk.
- Employing pre-tested strategies that have been proven to provide an edge over the market.
- Adhering to a rule-based trading plan in an objective and disciplined manner, akin to how a robot operates.
However, if you engage in a series of trades with nearly equal probabilities, your outcomes are likely to resemble those of an average gambler in a casino – marked by substantial losses.
4. Closing Remarks
In summary, traders' sentiment is assessed through the USDT.D indicator, reflecting the balance between optimism and pessimism.
USDT.D faced resistance at 7.52% and is finding support at 7.25%, possibly leading to a bearish movement if the resistance isn't breached.
BTC's daily chart shows a bearish trend towards a support line around 27,500, which could change with a bullish surge above the 30,400 resistance.
On the H4 timeframe, BTC's range spans 28,800 to 30,400, with a breach below 28,800 signalling potential downward movement.
For QNT, TRIAS, and QTUM, bullish trends are evident within certain channels.
QNT could trigger bullish momentum with a breakout above 103.4, while TRIAS aims for a breakout above 3.6. QTUM's focus is on breaking the 2.65 resistance.
CFX shows signs of weakening bearish momentum, potentially rallying from the demand zone near 0.16.
CELR is in a bearish trend but could reverse with an inverse Head and Shoulders breakout above 0.01485.
KLAY operates within a range of 0.15 to 0.18, with potential for bullish movement above 0.19.
Overall, these analyses indicate potential shifts in market sentiment and possible trading strategies for each cryptocurrency.
