elcome to another crypto market outlook for the 22nd of May!
In today's market analysis, we will delve into the current state of the crypto market. BTC is rejecting its previous all-time high at $74,000, while USDT.D remains overall bearish.
Furthermore, we will cover five altcoins (XVG, ONE, CELR, ORN, KSM), highlighting their key levels and potential trading setups.
Are you ready?
Today, we will cover the following topics:
- USDT.D and BTC Analysis
- 5 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 remains overall bearish and is currently approaching the lower bound of the range around 4% - 4.2%.
As long as the support holds, we expect the bulls to step in soon!
In the 4-hour timeframe, as per our previous outlook, after breaking below the last major low marked in blue at 4.9%, USDT.D traded lower in a parabolic manner.
USDT.D remains bearish unless the last major high at 4.55% is broken upward. In such a scenario, a bullish correction towards the upper bound of the green channel would be anticipated.
As anticipated, after rejecting the $60,000 support, BTC traded higher and is now approaching the resistance at $72,000 - $74,000.
For the bulls to remain in control and push towards the $80,000 mark, a break above the resistance at $74,000 is needed.
The bulls have already taken over following the break above the last major high, marked in orange at $63,500.
They will remain in control unless the last low marked in red at $68,900 is broken downward.
5 Altcoins Analysis
Let's start with XVG. After rejecting the $0.01 round number, XVG has been trading lower as a correction phase.
However, it is currently nearing a strong support zone marked in green, and the lower bound of the rising channel, so we will be looking for trend-following buy setups on lower timeframes.
In the 4-hour timeframe, XVG has been hovering within a range in the shape of an inverse head and shoulders pattern.
For the bulls to take over and start the next upward impulse movement, a breakout above the neckline at $0.00685, highlighted in orange, is required.
In such a scenario, a movement towards the $0.01 mark would be anticipated.
Meanwhile, XVG would remain bearish and could still trade lower to test the daily demand zone marked in blue before trading higher.
Turning our attention to ONE, from a long-term perspective, it has been trading within a wide range between the $0.018 support and $0.0235 major high.
For the bulls to maintain control and push towards the $0.03 mark, a break above the last major high, marked in red at $0.0235, is needed.
In parallel, as it retests the rising blue trendline, we will be looking for trend-following buy setups on lower timeframes.
Next on the agenda is CELR. It has been uneventful, trading within a narrow range in the shape of an ascending triangle marked in orange.
Currently, CELR is hovering around the upper bound of the triangle and the $0.029 - $0.03 resistance zone.
For the bulls to regain control, and start the next impulse movement leading to the $0.038 mark, a break above the $0.03 resistance level is needed.
Analyzing ORN, it has been overall bearish, particularly following its break below the $0.2 mark.
Currently, ORN is nearing a major support zone between $0.9 and $1. Thus, we will be looking for buy setups as long as this support holds.
In the 4-hour timeframe, ORN has shown a bearish trend from a medium-term perspective, trading within the falling channel marked in orange.
To regain control, the bulls need to break out above the upper orange trendline and surpass the last major high marked in orange at $1.66.
However, ORN may still trade lower to test the $1 round number before potentially moving higher.
KSM has been hovering within a wide range around a long-term support level between $0.25 and $0.28.
As long as the support holds, we can expect the bulls to step in soon.
In the 4-hour timeframe, for the bulls to take control and initiate the next upward impulse movement, a breakout above the last major high marked in red at $34.2 is required.
In such a scenario a movement towards the $43 - $45 supply zone would be anticipated.
Quotes / Advices
To stay ahead in crypto, keep learning. Understand blockchain technology, market trends, and trading strategies.
Stay updated on news and regulations.
Diversify your investments wisely, balancing risk and reward.
Engage with the crypto community for insights and networking.
Continuously refine your skills and adapt to market shifts.
And most importantly, be cautious of scams and invest only what you can afford to lose.
Closing Remarks
In summary, USDT.D remains overall bearish, with potential bullish activity if key supports hold.
BTC is approaching resistance at $72,000 - $74,000; a breakthrough could push towards $80,000.
XVG and ONE show potential buy setups, while CELR struggles near resistance.
ORN nears major support, with buy setups anticipated.
KSM hovers near long-term support, with bullish potential upon breaking resistance at $34.2.
