reetings, esteemed ACG community members!
As we begin this enlightening expedition, we shall meticulously assess the present market conditions and provide valuable perspectives to assist you in making informed choices.
Be assured, that this thrilling journey will take us into the domain of cryptocurrency, where a multitude of prospects are ready for your exploration.
Collectively, we will delve into the world of digital currencies, offering professional evaluations and essential guidance to equip you with a competitive advantage in this continually changing arena.
Get ready to immerse yourself in the captivating universe of cryptocurrencies, where myriad opportunities for discovery are within your reach!
Table of contents
- USDT.D and BTC Analysis
- 5 Altcoins Analysis
- Quotes / Advice
- 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 managed to break above our 8.1% level and traded higher for a couple of days. However, over the last two days, the market has turned bearish, bringing USDT.D back to its starting point for the week.
At present, USDT.D finds itself within the support range of 7.94% to 8.1%. As a result, we anticipate a potential bullish resurgence in the near future.
To entertain the possibility of a bearish takeover from a long-term perspective, we would need to witness a daily candle closing below the 7.94% mark. In such a scenario, it could be interpreted as a positive development for the cryptocurrency market.
Examining the H1 timeframe, it becomes evident that USDT.D has taken on a bearish tone following its decline below the prior significant low marked in blue.
To shift the balance back in favor of the bulls and signal a potential shift from a bearish to a bullish outlook, we would require an H4 candle to conclude its session above the previous noteworthy high, which stands at approximately 8.21%.
It's worth noting that such a development could raise concerns for the cryptocurrency market.
BTC faced rejection at the 25,000 level earlier this week but has since rebounded and is currently trading at higher levels. As we mentioned in our previous update, our expectation for the near future remains bullish.
However, it's crucial to be mindful that BTC could potentially undergo a temporary decline while within the support zone. This dip might occur as long as the 24,200 level continues to hold its support.
When conducting an analysis on the H4 timeframe, to detect short-term bullish momentum, it becomes imperative to observe a breakout above the recent high, denoted in green, which stands at 26,450.
In the event of such an occurrence, a reasonable expectation would be a surge toward the 27,350 supply zone.
Nevertheless, it's important to note that the current prevailing sentiment leans towards the bearish side, pending a shift in momentum where the bulls take charge.
At this point, BTC retains the possibility of trading lower to establish the right shoulder of a potential inverse head and shoulders pattern, which could then serve as a precursor to an upward breakout from the neckline.
2. 5 Altcoins Analysis
Let's start with KAS. Based on last week's analysis, our trading strategy has been centered on finding buying opportunities that follow the trend, particularly when KAS approaches the lower blue trendline and the support level at 0.033.
In the current week, KAS has significantly rebounded from our support area, climbed higher, and is currently hovering near its all-time peak.
To sustain long-term bullish momentum, we require a daily candle to close above the previous major high at 0.052.
Taking a closer look at the medium-term view on the H4 timeframe, we observed last week that the bullish momentum gained strength as the price broke above 0.038.
Today, our long position has successfully reached our target at 0.05.
The bulls continue to hold the upper hand, particularly if the price manages to break above the 0.052 level.
However, it's worth noting that the bears could potentially regain control and reject the all-time high. This possibility would be confirmed if a bearish reversal setup is triggered.
Turning our attention to OP, the outlook is optimistic! OP has predominantly been adhering to a bullish trend, staying within the upward-sloping wedge pattern outlined in red.
Presently, OP is still positioned near the lower boundary of this wedge. This situation prompts us to consider potential opportunities to buy in line with the prevailing trend, as long as the 1.17 support level marked in orange holds steady.
OP is currently hovering around the daily support level and appears to be confined within a range resembling an inverse head and shoulders pattern.
To potentially trigger a bullish scenario, we are carefully observing the potential for a breakout above the neckline, which is indicated in blue and is positioned at 1.40.
If this breakout materializes, our subsequent target is set at the upper boundary of the wedge pattern.
Moving on to XEC, it has been trading within a notable range, fluctuating between 0.00002 and 0.00003.
As XEC is currently situated closer to the lower boundary of this range, we will be actively exploring potential buying opportunities on shorter timeframes, under the condition that the 0.00002 support level remains intact.
For the bulls to regain control, it is imperative to achieve a breakthrough above the noteworthy high marked in red at 0.0000238. Once this milestone is reached, the next target would be the supply zone at 0.0000287.
LINK has remained within a significant range for almost a year, and it is currently approaching a robust support zone between 5.0 and 5.5. As a result, we will be actively seeking buy opportunities on shorter timeframes.
When analyzing the medium-term outlook on the Daily timeframe, a robust bullish scenario hinges on the attainment of a strong candle closing above the most recent noteworthy high highlighted in red, which is approximately at 6.43.
Upon fulfilling this condition, we anticipate a transition in momentum from bearish to bullish. In such a scenario, our target will be the upper boundary of the medium-term range, situated around 8.15.
It's essential to emphasize that as long as the bulls have not reclaimed control, LINK retains the potential to continue trading lower. There is a possibility that it may descend into the support range between 5.0 and 5.5 before any upward momentum develops.
In such a situation, we will remain vigilant for short-term buying opportunities on shorter timeframes.
Following its rejection of the 100.0 support zone, XMR has exhibited an overall bullish trend while trading within the ascending channel outlined in orange.
As it is presently positioned near the lower boundary of this channel, we will be actively seeking trend-following buying opportunities on shorter timeframes.
On the Daily timeframe, for the bulls to establish control, it is crucial that a breakout above 150.0 takes place. Once this occurs, our target will be set at the 167.0 level.
3.Quotes / Advice
Everyone wants to make money, but nobody wants to wait.
Remember that you are getting paid to wait!
Most importantly, don't concentrate on the money.
This may sound counterintuitive, but it makes good sense.
Having money at the forefront of your mind could lead to impulsive decisions, such as taking small profits out of fear of losing what you've already gained or jumping into trades hastily to avoid missing out on potential gains.
Instead, concentrate on adhering to your strategy and let your strategy handle the task of making you money.
4. Closing Remarks
In summary, we begin with an assessment of USDT.D to gauge traders' sentiment.
Currently, USDT.D is within a support range, hinting at potential bullish momentum unless it drops below 7.94%.
In the BTC market, despite a recent rejection at 25,000, a bullish outlook persists, contingent on support at 24,200.
Moving to altcoins, KAS has rebounded significantly and approaches its all-time high. For sustained bullishness, it needs to close above 0.052.
OP is following an upward trend within a wedge pattern, with buying opportunities as long as 1.17 holds.
XEC is trading in a range and may offer buying opportunities if it stays above 0.00002.
LINK is nearing a strong support zone, with a bullish scenario if it closes above 6.43.
XMR is in an ascending channel, and a breakout above 150.0 could lead to a target at 167.0. These altcoins provide various trading opportunities, but caution is advised in case of bearish reversals.
In summary, the cryptocurrency market shows signs of potential bullish movements, but traders should remain vigilant for reversals and closely monitor support and resistance levels in their trading strategies.
