reetings, esteemed ACG community members!
As we embark on an enlightening journey, we will carefully examine the current market situation, offering valuable insights to help you make informed decisions.
Rest assured, this exciting expedition will take us into the world of cryptocurrency, where numerous opportunities are waiting for you to take advantage of.
Together, we will navigate the landscape of digital currencies, providing expert analysis and essential tips to give you a competitive advantage in this ever-changing field.
This empowering voyage of discovery invites you to join us.
Get ready to immerse yourself in the fascinating realm of cryptocurrencies, where endless possibilities for exploration are ready for you to seize!
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).
During the past week, USDT.D experienced a rejection at the 7.25% support level and managed to trade higher. Currently, it is in the process of surpassing the 7.52% mark.
Should the daily candle conclude above 7.52%, it will signal the potential for continued bullish momentum, likely leading towards the subsequent resistance at approximately 7.85%.
It's important to note that such a breakthrough could carry adverse implications, potentially impacting the overall health of the cryptocurrency market.
As stated in the previous week, a resurgence of bullish sentiment was anticipated if the 7.39% level was breached in an upward direction.
Currently, USDT.D demonstrates a bullish trend in both short-term and long-term perspectives, contained within the ascending broadening wedge pattern outlined in red.
In order for the bears to regain control in the short term, a crucial condition would be a breach below the blue channel and the previous low, situated around 7.48%.
Meanwhile, as long as the bulls maintain their dominance, we should anticipate a continuation of bullish movement.
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.
This particular level corresponds with the lower green trendline, adding to its significance as a non-horizontal support, thereby reinforcing the strength of the support zone.
When assessing the H4 timeframe with a focus on the medium-term outlook, the prevailing bias remains bearish due to BTC's breach below the lower boundary of the range situated around 28,700.
As a result, our current expectation is for the bearish momentum to persist, leading the price towards the previously mentioned support zone at 27,500 as indicated on the Daily timeframe.
The bearish bias will persist unless the bulls successfully reclaim the previous major low and surpass the 28,950 level.
Should such an outcome occur, we can anticipate BTC to stabilize and resume trading within the confines of the previous range.
2. 5 Altcoins Analysis
Starting with ALGO, its price action has been consistently confined within a substantial range, spanning from the 0.1 support level to the 0.12 resistance level.
Consequently, as long as the fundamental support at 0.1 remains unbroken, our strategy will revolve around identifying buy opportunities on shorter timeframes
In order to initiate a bullish scenario, our projection involves an anticipation of a breakout beyond the previous noteworthy peak situated at 0.1055. Upon achieving this breakout, the subsequent target is identified at the 0.116 level.
As we await the realization of the buying scenario, it's important to note that ALGO currently retains an overall bearish disposition and could potentially experience further downward movement.
Next in line is OP, which has mainly followed a bullish trend, operating within a red ascending channel. Currently, it's in a correction phase as it approaches the lower edge of this channel.
As long as the 1.365 support holds steady, our focus will be on identifying potential bullish setups on shorter timeframes, aiming to capture the upcoming upward movement.
To initiate a bullish scenario from the H4 timeframe, we are anticipating a breakout above the prior noteworthy peak at 1.535, followed by a subsequent target set around the previous major high at 1.80.
LTC has remained within a notable rising range and is currently approaching a strong support zone around 69.0, as highlighted in blue.
Consequently, our focus will be on actively identifying potential buying opportunities on shorter timeframes, as long as the support level remains intact.
To trigger a transition from bearish to bullish momentum in the medium-term, we are eagerly anticipating a breakthrough beyond the most recent notable high at 85.0. Once the bulls take charge, our objective for the upward movement will be set at 100.0.
Meanwhile, given LTC's current position near a robust support level and the lower red trendline, our focus will be directed towards identifying short-term buying opportunities.
On the H1 timeframe, in order for the bulls to seize control, a breakthrough beyond the recent significant high at approximately 75.85 is required.
Meanwhile, until the buy condition is met, LTC maintains a bearish stance.
KAS has been experiencing an overall bullish trend, trading within the confines of a significant blue rising broadening wedge pattern.
Nevertheless, following a rejection from the upper boundary of the wedge pattern, KAS has entered a short-term bearish phase characterized by a corrective phase.
Hence, as KAS approaches the blue support level in the vicinity of 0.033, our focus will be on identifying buy setups that align with the prevailing trend on shorter timeframes.
Looking at the short-term picture on the H4 timeframe, for a bullish takeover, we need a strong candle to close above the orange neckline around 0.0435.
Until that happens, KAS will likely remain bearish overall, possibly dropping to the daily support zone. If this occurs, we'll be on the lookout for new opportunities for a bullish reversal.
INJ has demonstrated a general bullish trend, shaping a substantial ascending triangle highlighted in blue. Presently, it is positioned near the lower edge of this pattern and a nearby green-marked local support.
Maintaining a firm hold above the 6.80 support level, our focus will center on identifying buy opportunities that align with the prevailing trend on shorter timeframes.
On the H4 timeframe, INJ has recently experienced a short-term bearish trend as part of a corrective phase.
In order for the bulls to regain control and initiate the next bullish upward movement, a breakout above the most recent significant high at 7.77 is required.
If this scenario unfolds, we can anticipate a potential movement towards the upper boundary of the daily triangle, approximately around 10.0.
3. Quotes / Advice
One common pitfall for new traders is assuming that trading is a simple path to success. Many start without proper education and experience, resulting in swift losses.
These unsuccessful traders sometimes generalize their experience, spreading the misconception that trading is universally unprofitable.
Remember, trading is a business. Like any business, a detailed plan is crucial before you invest your money. Define your trading style, expectations, strategies, and what you'll trade.
Avoid investing without a well-thought-out trading plan to improve your chances of success.
4. Closing Remarks
In summary, today's market outlook begins with a focus on USDT.D, the indicator of traders' sentiment.
USDT.D recently experienced a rejection at the 7.25% support level but is on track to surpass 7.52%, indicating potential for bullish momentum towards 7.85%.
BTC remains in a broader bearish trend with a target of around 27,500.
Among altcoins, ALGO is in a range and may see buying opportunities if it breaks 0.1055.
OP is bullish within a channel, aiming for a breakout at 1.535.
LTC is near strong support at 69.0 and could turn bullish above 85.0.
KAS is in a rising wedge pattern, looking for bullish setups around 0.033.
INJ is bullish with an ascending triangle, targeting a breakout at 7.77 for movement towards 10.0.
Overall, the market presents mixed sentiments with potential for both bullish and bearish movements across different timeframes and altcoins.