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elcome to another crypto market outlook for the 21st of December!
In today's edition, we will delve into the current state of the crypto market.

BTC has rejected the $40,000 support, and USDT.D is still hovering inside a tight range around a critical support level, prompting us to exercise caution.

Additionally, we will cover five altcoins (CFX, IOTA, QTUM, TRX, and YFI), emphasizing their key levels and potential trading setups.

Are you ready?

Today, we will cover the following topics:

1- USDT.D and BTC Analysis
2- 5 Altcoins Analysis
3- Quotes / Advices
4- 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 Dominance is hovering inside a narrow range
USDT.D Chart - Daily Timeframe

For another week, USDT.D has remained within a strong support zone.

It is presently retesting that support zone, and we anticipate the bulls to take charge soon.

To maintain bearish control, a daily candle close below 5.63% is required.

USDT dominance H1 timeframe showing a clear wedge pattern
USDT.D Chart - 1H Timeframe

In the 1-hour timeframe, for the bulls to take control, a breakout above the red wedge pattern and the last major high in red at 5.81% is necessary.

Meanwhile, USDT.D would remain bearish and might continue trading lower.

Bitcoin chart showing overall bullish momentum trading inside a rising channel
BTC Chart - Daily Timeframe

After rejecting the lower boundary of the red channel, BTC traded higher, indicating that the bulls are likely to maintain control.

The next target for the bulls is the $48,000 resistance zone.

Bitcoin 4H chart showing that the bulls are in control after breaking above the $43,000 level
BTC Chart - 4H Timeframe

As highlighted in the previous week's analysis, the bulls asserted dominance by breaking above the last major high in red.

The bullish momentum will persist unless there is a break below the recent low at $43,000.

5 Altcoins Analysis

Let's start with CFX. The bullish trend has prevailed as it operates within the confines of the ascending channel outlined in red.

Currently positioned near a robust resistance zone, the bulls must secure a breakthrough above the $0.22 mark to maintain control and establish a long-term bullish trajectory.

Conversely, the bears would need to initiate a significant downward move by breaching the last major low at $0.16 to signal the potential start of a deep bearish correction.

CFX Daily chart, the bulls are in control but approaching a strong resistance at $0.22
CFX Chart - Daily Timeframe

Shifting our attention to IOTA, this altcoin experienced a bullish surge after surpassing the $0.2 resistance, leading to a new monthly high.

However, its current momentum shows signs of diminishing, and it is now consolidating within a tight range.

IOTA Daily chart, after a 110% surge, it is currently in a correction phase
IOTA Chart - Daily Timeframe

In the 4-hour timeframe, to reestablish bullish control, IOTA must successfully break above the resistance at $0.315, signaling a potential resumption of the upward trend.

Conversely, for the bears to seize control, a breakdown below the local support at $0.25 is essential. In such a scenario, a move towards the $0.2 support becomes likely, presenting an opportunity to explore new buy setups.

IOTA 4H chart showing the price is stuck inside a narrow range between $0.25 and $0.315
IOTA Chart - 4H Timeframe

Examining QTUM, it has been trading within a tight range, bounded by the $2.88 support and $3.70 resistance levels.

This week, QTUM rejected the $2.88 support and is heading higher. Consequently, a continuation of this bullish momentum is anticipated, targeting the $3.70 resistance zone.

For the bullish scenario to persist, it is crucial that the $2.88 support level holds firm.

However, if this support is breached, it may pave the way for additional bearish movement, potentially leading QTUM towards the next support level at $2.425.

QTUM Daily chart, the bulls are in control after rejecting the $2.88 support
QTUM Chart - Daily Timeframe

Following the breach of the $0.079 level, TRX, in line with the earlier analysis, initiated a bullish impulse, pushing the price upward towards the upper boundary of the ascending red channel.

At present, TRX has entered a consolidation phase, in the shape of a symmetrical triangle pattern in orange.

TRX Daily chart, its price is trading inside a narrow range in the shape of a symmetrical triangle
TRX Chart - Daily Timeframe

In the 4-hour timeframe, a definitive move beyond the recent major high at $0.109 is imperative for the bulls to restore full control of the market.

On the flip side, if the price drops below the last significant low at $0.0975, it could pave the way for additional bearish movement, with the potential to reach the lower red trendline from the daily timeframe.

TRX 4H chart showing the key levels $0.109 and $0.0975 that the price is trading within
TRX Chart - 4H Timeframe

YFI has experienced a notable 110% surge, but recent weeks have seen the onset of a bearish correction phase.

The current scenario involves YFI approaching a robust support level at $7500.0.

If this support level is breached to the downside, it could signal the potential for additional bearish movement, with a target set at the demand zone highlighted in blue around $6300.0. 

YFI Daily chart, rejecting a robust support at $7500
YFI Chart - Daily Timeframe

On the flip side, for the bulls to regain control and initiate the next bullish impulse, a crucial breakthrough above the current consolidation level at $9600.0 is imperative.

This suggests that YFI is currently trapped within a range, emphasizing the significance of monitoring price movements around the mentioned levels.

YFI 4H chart, awaiting the bulls to take over after breaking above the last high at $9600
YFI Chart - 4H Timeframe

Quotes / Advices

Always Remember:

Develop a disciplined trading strategy by setting clear goals, risk tolerance, and entry/exit criteria.

Diversify your portfolio to spread risk and avoid overconcentration.

Stay informed about market trends and news but avoid impulsive decisions.

Continuously evaluate and adapt your strategy based on market conditions.

Patience is key; avoid emotional reactions to short-term fluctuations.

Regularly review and learn from your trades to refine your approach.

Consistency and a rational mindset contribute to successful trading.

Closing Remarks

In summary, this outlook begins with a focus on USDT.D, indicating the overall sentiment in the market. USDT.D has maintained support, with potential bullish momentum if it remains above 5.63%.

BTC, on both daily and 4-hour timeframes, shows bullish signs, targeting the $48,000 resistance zone.

The altcoin analysis covers CFX, needing a breakthrough above $0.22 for bullish momentum, and IOTA, consolidating around $0.2 after a bullish surge.

QTUM is anticipated to continue a bullish trend if the $2.88 support holds. TRX, post a bullish impulse, is in a consolidation phase, requiring a move above $0.109 for bullish control.

YFI has seen a 110% surge but faces a bearish correction, with a pivotal support level at $7500.0.

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