reetings, esteemed members of the ACG community!
As we embark on an enlightening journey, we will deeply scrutinize the current state of the market, providing valuable insights to aid you in making informed choices.
Be assured that this exciting adventure will take us into the realm of cryptocurrency, where numerous opportunities exist for you to capitalize on.
Collectively, we will navigate the landscape of digital currencies, delivering expert analysis and essential advice to equip you with a competitive advantage in this continually changing domain.
Get ready to immerse yourself in the captivating universe of cryptocurrencies, where countless prospects for exploration are ready for your grasp!
Table of Contents
- 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 Chart - Daily Timeframe
As mentioned last week, USDT.D was hovering near a robust resistance zone.
Consequently, we anticipated the bears to take control, which would be confirmed by a breach below the 7.89% level.
USDT.D Chart - H4 Timeframe
After breaching the 7.89% level, we have indeed witnessed a shift in momentum from bullish to bearish, a development that bodes well for the overall condition of the cryptocurrency market.
At present, we find ourselves in a correction phase. As USDT.D approaches the previous major low at 7.89%, we anticipate another bearish movement, with the potential to extend down to 7.52%.
BTC Chart - Daily Timeframe
Conversely, BTC experienced a sudden reversal in momentum this week as the bulls took charge, propelling its value upwards by 7.5% until it encountered resistance at the key level of 28,000.
However, it's essential to keep in mind that the overall sentiment for BTC remains bearish, as long as we continue to trade below the green and red trendlines.
BTC Chart - H4 Timeframe
In line with our analysis from last week, we anticipated that the bulls would assume control following a breakthrough above the 26,300 resistance level.
However, after encountering resistance around the 28,000 supply zone, BTC has initiated a bearish correction phase and is presently retesting the prior significant high marked in orange.
To see the bulls regain control, we require a breakthrough above the most recent high denoted in red, which is approximately 27,500. In the meantime, the correction is anticipated to persist, with a potential movement range of 26,700 to 27,000.
5 Altcoins Analysis
Let's begin with KAS. As stated two weeks ago, KAS has maintained an overall bullish trajectory, trading within the confines of the ascending broadening wedge pattern illustrated in blue.
Our trading strategy revolves around monitoring KAS as it nears the lower boundary of the wedge, coinciding with the 0.033 support zone. We will be on the lookout for opportunities to initiate trend-following buy positions at this juncture.
KAS Chart - Daily Timeframe
Looking at the medium-term perspective on the H4 timeframe, KAS has predominantly exhibited a bearish trend, operating within a descending orange channel as part of a correction phase.
In order for a bullish resurgence to occur and the next upward momentum to commence, it is imperative that we witness a breakout above the most recent significant high at 0.038. In such a scenario, our target would be the psychological level of 0.05.
However, until the bulls manage to reclaim control, KAS is expected to maintain its overall bearish sentiment, with the possibility of further trading within the support zone or even breaking down below it.
KAS Chart - H4 Timeframe
Now, turning our attention to HBAR, it has primarily adhered to a bullish trajectory, operating within the confines of an ascending blue channel. At present, it is in the midst of a correction phase as it approaches the lower boundary of this channel.
Our focus is directed towards identifying potential bullish setups on shorter timeframes, with the prerequisite that the 0.05 level maintains its status as a reliable support. This strategic approach aims to capitalize on the expected upward movement.
HBAR Chart - Daily Timeframe
To trigger a bullish scenario on the H4 timeframe, we are looking for a breakout above the previous significant peak at 0.0575, with a subsequent target established around the prior major high at 0.065.
HBAR Chart - H4 Timeframe
Following a remarkable 600% surge, XVG entered a correction phase and has been trading within the bearish red channel.
As it nears the 0.0025 demand zone marked in blue, we will be on the lookout for potential buy setups.
XVG Chart - Daily Timeframe
To enable the bulls to regain control, a breakthrough beyond the significant red-marked high at 0.004 is necessary. Once achieved, the next target would be the 0.005 resistance level.
XVG Chart - H4 Timeframe
Meanwhile, until the bulls regain control, XVG may continue to trade lower, potentially testing the 0.03 demand once more. In this scenario, we will be monitoring for the formation of new bullish reversal setups.
LINK has been confined within a substantial range for nearly a year, and it is presently approaching a strong support zone situated around 5.5. Consequently, we will be proactively searching for buy setups on shorter timeframes.
LINK Chart - Weekly Timeframe
Examining the medium-term perspective on the Daily timeframe, to establish a bullish scenario, a robust candle closure above the red neckline at approximately 6.43 is required.
Once this condition is met, we anticipate further upward movement targeting the 7.4 supply zone.
It's essential to acknowledge that until the bulls regain control, LINK retains the potential to continue trading lower, with the possibility of descending into the support zone ranging from 5.0 to 5.5 before any upward movement materializes.
LINK Chart - Daily Timeframe
Lastly, but certainly not least, MASK has exhibited a bearish trend, operating within the descending red channel. Nevertheless, it is currently positioned near a robust support zone, prompting us to actively search for buy opportunities on shorter timeframes.
To potentially facilitate a long-term bullish takeover, we are keeping an eye out for a breakout above the 3.65 level and the upper red trendline.
MASK Chart - Daily Timeframe
On the H4 timeframe, we will be on the lookout for a medium-term long opportunity as long as the 2.55 support level remains intact.
To see the bulls assume control, it's imperative for a breakout above 2.915 to occur, at which point we will set our sights on the 3.35 mark as the target.
MASK Chart - H4 Timeframe
Quotes / Advices
Keep Your Trading Simple!
As a trader you soon realize that the use of indicators in trading is sometimes counterproductive.
Most profitable traders will tell you that the best indicator is price, and that every other indicator on your price chart is a derivative of price itself.
Trading does not have to be complicated.
If you can learn to read price action and understand the basis of price movement, using basic support/resistance and supply/demand zones, and market structure, you will be well ahead of 90% of traders out there.
This will not only simplify your trading, but also serve you better from the overall profitability standpoint.
In summary, today's market outlook begins with an overview of USDT.D as an indicator of trader sentiment, reflecting optimism or pessimism.
USDT.D's recent breach below a key level indicates a shift from bullish to bearish sentiment, suggesting a correction phase may continue.
Moving to Bitcoin (BTC), there's a recent uptick in its price, but caution is advised, considering the overall sentiment as bearish unless key trendlines are breached.
KAS is trading within an ascending wedge pattern and is being monitored for potential buy positions.
HBAR is in an ascending channel, with a focus on identifying bullish setups near support.
XVG has corrected after a significant surge and is being watched for buy opportunities near a demand zone.
LINK has been trading in a range and is eyed for buy setups near strong support.
MASK, in a descending channel, is being observed for potential buy opportunities near robust support.
Overall, the analysis emphasizes the importance of technical levels and patterns in assessing the market and highlights key levels and breakout points for each cryptocurrency discussed.
Traders are advised to remain cautious and monitor these levels closely.