ello, esteemed members of the ACG community!
As we set out on an enlightening journey, we will thoroughly examine the current market conditions, offering valuable insights to assist you in making well-informed decisions.
Rest assured, this thrilling expedition will lead us into the realm of cryptocurrency, where numerous opportunities await you to leverage.
Together, we will navigate the digital currency landscape, delivering expert analysis and crucial tips to provide you with a competitive edge in this ever-evolving field.
Prepare to dive into the captivating world of cryptocurrencies, where endless possibilities for exploration are ripe for your taking!
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).
Following a significant surge last week, USDT.D has found stability around the 8% resistance and supply zone.
To maintain bullish control, we require a daily candle close above 8.1%, anticipating further upward movement toward the next resistance at approximately 8.6%.
This scenario may not bode well for the broader cryptocurrency market.
Conversely, for the bears to gain control and indicate a shift in momentum from bullish to bearish, we require an H4 candle to close below the previous significant low at approximately 7.89%.
Such a scenario could be considered favorable for the overall health of the cryptocurrency market.
On the other hand, the overall bias for BTC remains bearish, and we continue to anticipate a movement towards the 25,000 support zone marked in green.
As BTC nears the 25,000 zone, we will be on the lookout for potential bullish reversal opportunities, provided that the 24,200 level holds.
When evaluating the H4 timeframe and concentrating on the medium-term perspective, it's evident that BTC has been trading within a range over the past week.
If this range is breached to the upside, surpassing 26,800, we anticipate a correction towards 27,500.
However, it's important to note that the long-term bias remains bearish, and if BTC breaks below 25,800, it could lead to a further bearish move towards the 25,000 daily support level.
2. 5 Altcoins Analysis
Let's begin with CELO, where the price action has consistently stayed within a significant range, extending from the 0.36 support level to the 0.53 resistance level.
Therefore, as long as the essential support at 0.36 remains intact, our strategy will focus on identifying buying opportunities on shorter timeframes.
To set a bullish scenario in motion, we anticipate a breakout beyond the significant previous peak at 0.44, with the subsequent target established at the 0.5 level.
However, it's crucial to be aware that CELO presently maintains an overall bearish stance and might potentially undergo further downward movement within the 0.36 - 0.39 support zone as we await the realization of the buying scenario.
Next in line is XRP, which has mainly followed a bullish trend, operating within a blue ascending channel. Presently, it's undergoing a correction phase as it nears the lower boundary of this channel.
Our attention will be directed towards recognizing potential bullish setups on shorter timeframes, with the condition that the 0.45 level remains a steadfast support. This strategy aims to seize the anticipated upward movement.
To initiate a bullish scenario from the H4 timeframe, we are anticipating a breakout above the prior noteworthy peak at 0.565, followed by a subsequent target set around the previous major high at 0.65.
In the meantime, XRP may continue trading within the demand zone, where we will be on the lookout for fresh short-term buying opportunities.
DOGE has been overall bearish trading inside the blue channel. Lately, DOGE has been stuck inside a narrow range between 0.058 support and 0.065 resistance.
To initiate a shift from bearish to bullish momentum in the medium-term, we are eagerly awaiting a breakthrough above the 0.065 resistance level. Upon the bulls assuming control, our target for the upward movement will be established at 0.07.
Meanwhile, until the bulls regain control, DOGE may continue to trade lower, potentially testing the 0.058 support once more. In this scenario, we will be monitoring for the formation of new bullish reversal setups.
XEC is also approaching a robust support/demand zone at approximately 0.000022. Therefore, we will be actively seeking buy setups on lower timeframes.
It's worth noting that XEC may still have the potential to trade lower, potentially entering the support zone and filling the previous wick before an upward movement ensues.
Examining the short-term perspective on the H4 timeframe, to establish a bullish scenario, a robust candle closure above the orange neckline at approximately 0.000025 is required.
Once this condition is met, we anticipate further upward movement targeting the 0.0000287 supply zone.
Based on our previous analysis, it's important to note that LDO is currently exhibiting an overall bullish trend, characterized by higher highs and higher lows, while trading within the ascending orange channel.
On the daily timeframe, LDO is presently situated within a robust rejection zone, marked by the convergence of two trendlines and a horizontal support level.
Consequently, our strategy involves seeking buying opportunities on shorter timeframes, contingent upon the maintenance of support at 1.6.
For the bulls to establish control, we require an H4 candle to close above the most recent significant high at 1.77.
Should this condition be met, we anticipate a bullish movement towards the upper boundary of the red channel, approximately at 2.3.
3. Quotes / Advices
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.
In summary, today's market outlook begins with an overview of USDT.D as an indicator of trader sentiment, reflecting optimism or pessimism.
Currently stable around the 8% resistance, a daily close above 8.1% could lead to upward movement. Conversely, a bearish shift would require an H4 close below 7.89%.
Moving to BTC, the bias remains bearish with a potential target of the 25,000 support zone. Potential bullish reversal opportunities could arise if the 24,200 level holds.
Transitioning to altcoins, CELO maintains a range between 0.36 and 0.53. The focus is on buying opportunities as long as 0.36 support holds.
XRP follows a bullish trend within a blue ascending channel, aiming for setups if 0.45 support remains.
DOGE is bearish within 0.058 - 0.065, awaiting a bullish breakout.
XEC nears a strong support at 0.000022, looking for buy setups.
LDO's bullish trend involves seeking buying opportunities around the 1.6 support, targeting 1.77 for further bullish movement.
These analyses provide insights into trends and potential trading opportunities for USDT.D, BTC, and five altcoins. However, trading decisions should be made cautiously with risk management in mind.