elcome to our latest Market Outlook, where we embark on an exhilarating exploration of the cryptocurrency realm through a technical lens.
Buckle up for an illuminating expedition where we analyze current market conditions and equip you with invaluable insights to make informed decisions.
Embark on this crypto odyssey with confidence and seize the golden opportunities that await you!
Get ready to navigate the ever-changing landscape of digital currencies, as we share expert analysis and valuable tips to help you stay ahead in this exciting and dynamic market.
Table of contents
- USDT.D and BTC Analysis
- 6 Altcoins Analysis
- Quotes / Advices
- Closing Remarks
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).
USDT.D Chart - Daily Timeframe
As of this week, USDT.D remains in close proximity to the local resistance zone highlighted in red.
To establish a long-term bullish trend, it is crucial for USDT.D to surpass the 7.46% level, leading to a bearish movement across the crypto market.
Unless the 7.46% threshold is breached upwards, the bears retain the potential to intervene and drive USDT.D downwards. Such a correction would be beneficial and contribute to the overall health of the crypto market.
USDT.D Chart - H4 Timeframe
On the other hand, if the lower boundary at 7.23% is broken downwards, we can expect USDT.D to experience additional bearish momentum from a long-term perspective. This decline is likely to bring about a favorable effect on the crypto market as a whole.
USDT.D Chart - H1 Timeframe
To reverse the situation and allow the bears to dominate from a short-term viewpoint, we require a break below the last minor low at approximately 7.37%. If this occurs, we can anticipate a bearish movement towards the lower boundary of the range.
BTC Chart - Daily Timeframe
The general sentiment for BTC remains bearish as long as it continues to trade below the 30,000 mark.
We are expecting a continued downward trend towards the green support and trendline, situated around 27,500. Once this level is reached, we will be on the lookout for potential buy setups that align with the prevailing trend.
BTC Chart - H4 Timeframe
On the H4 timeframe, when considering the medium-term perspective, BTC is still in an overall bearish trend, being traded within a falling broadening wedge pattern.
To solidify the bears' control once more, a break below the recent low of 28,800 is necessary. In such a scenario, we can anticipate a downward movement towards 27,500.
Conversely, to invalidate the bearish trend, BTC needs to surpass both the upper red trendline and the key resistance level at 30,000.
6 Altcoins Analysis
Starting with SHIB, it is evident that the long-term bias remains bearish, as indicated by the consistent formation of lower lows and lower highs, reflecting downward impulse movements.
Currently, SHIB is undergoing a corrective phase in the form of a red wedge pattern.
If the last low, approximately at 0.0000076, is breached downwards, the bearish pattern will be triggered, exerting further downward pressure on SHIB from a long-term perspective.
Conversely, for the bulls to gain control, a breakout above the 0.0000087 resistance is required. In such a scenario, the bearish trend will be invalidated, and we can anticipate a movement towards the round number of 0.00001.
SHIB Chart - Daily Timeframe
Next, we have ROSE. A few months ago, ROSE found support around 0.045 and has been trading within a range ever since.
Presently, ROSE is in the process of forming a significant ascending triangle pattern. To establish bullish control from a long-term perspective, a breakout above the upper boundary of the pattern, approximately at 0.0545, is required.
In such an instance, we can anticipate a bullish movement towards the next resistance level at around 0.066.
ROSE Chart - Daily Timeframe
Since we are around the lower bound of the daily ascending triangle, we will be looking for medium-term buy setups on lower timeframes.
Analyzing the H4 timeframe, we observe that ROSE has been trading bearishly within the falling channel marked in blue.
To empower the bulls and shift the momentum, a breakout above the last major high at approximately 0.0488 is required. In such a scenario, we can anticipate a movement towards the upper boundary of the ascending triangle.
Meanwhile, and until the buy setup is activated, ROSE may continue to trade lower and remain within the green daily support.
ROSE Chart - H4 Timeframe
DASH has been hovering near its all-time low at 30.0, leading us to seek potential buy setups on lower timeframes.
DASH Chart - Weekly Timeframe
From the Daily timeframe, it is evident that DASH previously faced rejection at the 30.0 level but rebounded aggressively, establishing a robust demand zone.
Currently, DASH is undergoing a correction phase, retesting the aforementioned demand zone.
DASH Chart - Daily Timeframe
To catalyze a bullish takeover, we eagerly await a breakout above the last significant high at 32.8. Once the bulls establish control, our target for the upward movement will be 37.5.
DASH Chart - H4 Timeframe
DYDX has been experiencing an overall bearish trend, trading within the confines of a significant red channel.
Recently, DYDX has been consolidating, moving between our blue support and green resistance levels.
To anticipate a long-term shift in momentum from bearish to bullish, a breakout above the wedge pattern and the 2.35 resistance is essential.
Meanwhile, as DYDX approaches the blue support at 1.85, we will actively seek new short-term buy setups on lower timeframes.
DYDX Chart - Daily Timeframe
From a short-term perspective, on the H4 timeframe, DYDX has been displaying a bearish trend, trading within the boundaries of a descending orange channel.
As it nears the lower trendline, which intersects with the 1.85 support, we will be on the lookout for potential bullish reversal setups.
DYDX Chart - H4 Timeframe
After testing and rejecting the green support at 0.05, TRX has displayed an overall bullish trend, forming higher highs and higher lows. However, last week, TRX encountered strong resistance around the 0.092 - 0.1 range.
TRX Chart - Weekly Timeframe
On the Daily timeframe, TRX has been exhibiting a bullish trend, trading within the ascending red channel.
Therefore, as long as the 0.072 support remains intact, we will be searching for trend-following bullish reversal setups on lower timeframes as the price approaches the non-horizontal support of the lower red trendline.
TRX Chart - Daily Timeframe
LDO is also experiencing a bullish trend, being traded within the ascending wedge pattern in orange. At the moment, it is undergoing a corrective phase while nearing the lower trendline, which acts as a non-horizontal support.
LDO Chart - Weekly Timeframe
Furthermore, the strong support at the blue zone of 1.7 enhances the significance of the rejection area. Therefore, we will be actively seeking buy setups on lower timeframes, understanding that LDO may still test the support zone before initiating an upward movement.
LDO Chart - Daily Timeframe
On the H4 timeframe, for the bulls to gain control, a breakout above the 1.97 level is required. Until then, LDO remains bearish in the short-term.
LDO Chart - H4 Timeframe
Quotes / Advices
Remember: the market is completely random. Understanding when you are wrong is something you need to define.
Accepting that you will not always get it right will save you all sorts of time and money.
Only then will you begin to think of the market in terms of averages.
You will have x percentage of winners and x percentage of losers. There is no escaping this fact.
Show me a trader who always needs to be right, and I will show you a negative equity curve.
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." - George Soros
Closing Remarks
Today, we have covered several cryptocurrencies, including USDT.D, BTC, SHIB, ROSE, DASH, DYDX, TRX, and LDO, across different timeframes.For USDT.D, it is currently hovering near a resistance zone, and a breakout above 7.46% is needed for a long-term bullish trend. On the H4 timeframe, a break below 7.23% could lead to bearish momentum.BTC remains bearish below 30,000, and a potential target is 27,500. A break below 28,800 on the H4 timeframe may reinforce the bearish trend.SHIB is bearish, forming a red wedge pattern, and a break below 0.0000076 could trigger further downside. On the other hand, breaking above 0.0000087 may invalidate the bearish trend.ROSE is forming an ascending triangle pattern, and a breakout above 0.0545 could lead to bullish movement towards 0.066.DASH is trading near its all-time low at 30.0, and potential buy setups are being considered on lower timeframes.DYDX is in a bearish trend inside a significant red channel, while consolidating between blue support and green resistance. A breakout above 2.35 resistance is crucial for a long-term bullish shift.TRX has experienced rejection at 0.092 - 0.1 resistance, while showing an overall bullish trend on the Daily timeframe.LDO is in a bullish trend, forming an ascending wedge pattern. The blue zone at 1.7 acts as strong support, and buy setups are sought on lower timeframes.Traders must diligently monitor crucial levels and trends, remaining vigilant for possible market shifts. Employing technical analysis and implementing effective risk management strategies are vital for navigating these markets successfully.
