reetings, esteemed ACG community members!
In this outlook, we delve into the current state of the cryptocurrency market, starting with an overview of trader sentiment reflected in USDT.D.
We'll also examine Bitcoin's outlook before exploring five prominent altcoins (HBAR, UNI, OCEAN, IOTA and APT) discussing their key levels and potential trading opportunities.
Buckle up for a thrilling ride through the crypto markets!
Table of contents
- USDT.D and BTC Analysis
- 5 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).
USDT.D is still holding strong within our 8% support zone, so we continue to anticipate a potential shift in favor of the bulls. Confirmation of this trend reversal may become evident on lower timeframes.
Nevertheless, for the bears to regain control, it would require breaking below the support level at 7.94%, in addition to breaching the lower red trendline. Such a development could have a favorable impact on the cryptocurrency market.
Analyzing the H1 timeframe, to shift the balance in favor of the bulls and signal a potential transition from a bearish to a bullish perspective, we would require an H4 candle closure above the prior significant high, approximately at 8.11%.
Meanwhile, in the short term, USDT.D could maintain a bearish outlook, with bears regaining full control if the recent low at 7.85% is breached to the downside.
Following the rejection of the 25,000 support, BTC is currently approaching the 28,000 resistance zone. To sustain control and establish a medium-term bullish trend, breaking above the 28,000 zone is essential for the bulls.
Meanwhile, it's worth noting that the bears could still exert influence and potentially create another swing high along the red trendline.
As anticipated last week, BTC rejected the 26,200 previous low and moved upward. To maintain short-term control in favor of the bulls, we require a breakthrough above the supply zone at 27,350. In such a scenario, we can anticipate bullish momentum extending toward the 28,000 resistance level.
Conversely, if a minor low is breached to the downside, we should anticipate bearish momentum that could potentially lead to a retest of the 26,200 support level once again.
2. 5 Altcoins Analysis
Let's begin with HBAR. It has been trading within a range for nearly a year and is currently approaching the lower boundary of this range, coinciding with a robust weekly demand zone between 0.03 and 0.05, as observed on the weekly timeframe.
Examining the medium-term perspective on the Daily timeframe, for the bulls to seize control, a breakout above the recent high marked in red at 0.0537 is crucial. In such a scenario, we could anticipate a bullish push toward the minor resistance level at 0.07.
Nevertheless, it's important to keep in mind that as long as the bulls haven't established dominance, HBAR maintains an overall bearish outlook and may still descend within the confines of the weekly demand zone.
Shifting our focus to UNI, much like HBAR, UNI has been confined within a substantial trading range and is presently revisiting the lower boundary.
Consequently, we will be on the lookout for buy opportunities on lower timeframes, recognizing that UNI may potentially dip into the support zone before initiating an upward move.
On the H4 timeframe, UNI appears to be forming an inverse head and shoulders pattern. To facilitate a bullish takeover, a breakout above the neckline situated at 4.52 is necessary. If this breakout occurs, we can anticipate a bullish rally targeting the 5.73 level.
Turning our attention to OCEAN, it has been navigating within a significant trading range, oscillating between 0.27 and 0.46.
Recently, OCEAN experienced a rejection of the 0.3 support followed by an upward price movement. It's currently hovering around a minor resistance zone marked in blue at approximately 0.34.
For the bulls to maintain control, a breakthrough above the 0.34 level is required. In such a scenario, we can anticipate a continuation of the uptrend toward the upper boundary of the descending blue channel.
Conversely, if OCEAN retraces lower, we should be prepared to identify new buying opportunities as it retraces into the 0.27-0.3 support range once again.
IOTA has exhibited an overall bearish trend and has been trading within the confines of a large descending triangle pattern highlighted in green.
As it nears the lower boundary of the triangle, approximately at 0.14, we should keep a keen eye on lower timeframes for potential buy setups.
From a short-term perspective, for the bulls to gain control, it will be imperative to secure a breakout above the descending red channel and surpass the last minor high at 0.152.
In the absence of such a breakout, IOTA could maintain a bearish stance and potentially continue trading lower until it reaches the 0.14 support level.
APT has generally exhibited a bearish trend while trading within the confines of the red wedge pattern. Nevertheless, it is presently positioned near a robust demand zone and the psychological round number of 5.0.
As long as the 5.0 level remains intact, we should be on the lookout for potential buy setups on lower timeframes.
Conversely, if the 5.0 level is breached to the downside, we should anticipate further bearish momentum, with the next significant support zone marked in blue at 3.5 serving as a potential target.
On the H4 timeframe, to establish short-term bullish control, it will be essential for the bulls to achieve a breakout above the most recent significant high marked in blue at 5.68.
3. Quotes / Advice
Trading is a thrilling game, but successful traders don't let losses rile them up.
They see losses as plot twists in their adventure, not a reason for revenge.
Blaming the market is like battling your own shadow.
Remember, the best traders stay cool, like superheroes in control of their emotions.
4. Closing Remarks
In summary, we begin by examining USDT.D, which indicates traders' sentiment in the cryptocurrency market. It is currently within an 8% support zone, suggesting potential bullish sentiment.
Moving to Bitcoin (BTC), it is approaching a critical resistance at 28,000. A breach is essential for the bulls to establish a medium-term bullish trend. Short-term control requires surpassing the 27,350 supply zone.
Next, we delve into five altcoins:
HBAR is trading within a year-long range near a weekly demand zone. A breakout above 0.0537 is crucial for a bullish scenario.
UNI is revisiting the lower boundary of its trading range. An inverse head and shoulders pattern on the H4 chart suggests potential upside if it breaks above 4.52.
OCEAN has oscillated between 0.27 and 0.46. A move above 0.34 may continue the uptrend.
IOTA is in a descending triangle pattern, nearing the lower boundary. A breakout above 0.152 on lower timeframes is key for the bulls.
APT is trading within a red wedge pattern near the 5.0 level. A breach could signal further bearish momentum.
Keep an eye on these key levels and patterns for potential trading opportunities in the cryptocurrency market.