elcome to another crypto market outlook for the 7th of December!
In today's market analysis, we will dive into the current status of the crypto market. BTC continues to exhibit a bullish trend, while USDT.D hovers around a critical support level, prompting us to anticipate a potential reversal.
Additionally, we will go over five altcoins (DOT, ONE, FIL, ADA, and HBAR), focusing on their key levels and potential trading setups.
Are you ready?
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).
After being rejected at the previously mentioned 6.4% resistance, USDT.D has been in a bearish trend for almost 2 weeks.
However, it reached a strong support zone yesterday. To maintain bearish control, we would need a daily candle to close below 5.63%.
In the 4-hour timeframe, from a short-term perspective, the bearish trend is clearly engulfed by the falling wedge pattern in red.
For the bulls to take over and shift the momentum, a breakout above the 5.9% previous high is needed. Meanwhile, the bears remain in control and can still push lower.
After breaking above the $40,000 resistance, BTC traded higher in a parabolic manner, reaching the upper bound of the red rising channel.
Currently, BTC is considered overbought, but the bulls will remain in control as long as the last minor low isn’t broken downward.
In the 1-hour timeframe, for short-term bearish control, there needs to be a drop below the recent minor low at $43,300.
If this occurs, we might anticipate a move towards the lower red trendline around $40,000 where we will be looking for trend-following buy setups.
5 Altcoins Analysis
Let's start with DOT. Following the rejection of the $5.0 support zone, it has demonstrated a bullish trend for the past couple of weeks.
Currently, DOT is hovering around a sturdy resistance at the $6.0 round number. To maintain bullish momentum, a daily candle close above this resistance is essential.
Conversely, there remains the possibility of bears initiating one more correction, a scenario that would be confirmed upon closer examination of lower timeframes.
Shifting our attention to ONE, it has been trading within a substantial range, confined by our $0.01 support and $0.015 resistance.
Currently, ONE is positioned around the resistance zone. Therefore, for the bulls to establish control from a long-term perspective, a breakout above $0.0157 is required.
In the 4-hour timeframe, the bulls will continue to be in control unless the last low in red at $0.014 is broken downward.
In such a scenario, a movement towards $0.01 would be anticipated, where we will be looking for new short-term buy setups.
Examining FIL, it is evident that this altcoin has been facing challenges around a strong resistance zone.
For the bulls to sustain long-term control, a breakout above $5.3 is necessary.
Meanwhile, until the bulls assert full control, the bears can still influence and drive the price lower.
In the 4-hour timeframe, for the bears to take over, a break below the red channel and the last low at $4.55 is required. In such a scenario, a movement towards the $3.84 support would be expected.
Meanwhile, the bulls will maintain control and can still drive the price within the daily resistance.
After rejecting the $0.35 support, ADA traded higher. Currently, ADA is positioned around a robust structure from the daily timeframe, highlighted in green.
For the bulls to establish control from a long-term perspective, a daily candle close above $0.46 is necessary.
Meanwhile, as long as the $0.45 level holds, the bears can still initiate one more bearish correction.
In the 4-hour timeframe, for the bears to take over and shift the momentum from bullish to bearish in the short term, a break below the last minor low in red at $0.417 is needed.
In such a scenario, a movement towards the $0.35 support would be expected.
As per our last analysis a couple of weeks ago, HBAR broke above $0.0537, indicating that the bulls took over in the medium-term and pushed the price higher, reaching our target at $0.07.
For the bulls to maintain control and take over from a long-term perspective, a daily candle close above $0.07 is required. Meanwhile, the bears can still initiate one more bearish correction.
Quotes / Advices
Here are my Trading Psychology Golden Tips:
Emotional Discipline: Set realistic expectations and accept wins and losses.
Strategic Planning: Stick to a well-defined trading plan.
Patience and Selectivity: Avoid overtrading; quality over quantity.
Continuous Learning: Learn from mistakes and view them as opportunities for improvement.
Positive Mindset: Stay optimistic and motivated despite challenges.
Information Management: Avoid information overload; focus on relevant market data.
Closing Remarks
In summary, USDT.D reflects a recent bearish trend, but a strong support zone may signal a potential shift.
BTC is considered overbought, and short-term bearish control may occur if the recent minor low at $43,300 is breached.
For altcoins, DOT has shown a bullish trend but needs to close above the $6.0 resistance for sustained momentum.
ONE is trading within a range, and a breakout above $0.0157 is crucial for bullish control.
FIL faces challenges at a strong resistance zone, and a breakout above $5.3 is needed for long-term bullish control.
ADA is positioned around a robust structure, requiring a daily close above $0.46 for bullish control.
HBAR broke above $0.0537, reaching a target at $0.07; for sustained bullish control, a daily close above $0.07 is necessary.
Bears across altcoins can initiate corrections if key support levels are breached on lower timeframes.
