ello, esteemed members of the ACG community!
As we embark on this enlightening journey, we will thoroughly examine the current market situation and offer valuable insights to help you make well-informed decisions.
Rest assured, this exciting adventure will lead us into the world of cryptocurrency, where numerous opportunities await for you to seize.
Together, we will explore the digital currency landscape, providing expert analysis and crucial advice to empower you with a competitive edge in this ever-evolving field.
Prepare to dive into the fascinating realm of cryptocurrencies, where countless possibilities for exploration are at your fingertips!
Table of contents
- USDT.D and BTC Analysis
- 5 Altcoins Analysis
- Quotes / Advice
- 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 has shown little excitement this week, remaining firmly within our resistance zone. To maintain the bullish momentum, it's crucial for us to see a breakthrough above the 8.3% mark.
Should this occur, we may anticipate a further bullish push towards the 8.6% resistance level, which might not be favorable for the overall crypto market.
Conversely, for the bears to take control and signal a transition from a medium-term bullish to a bearish perspective, we need an H4 candle to close below the previous significant low, roughly around 8.05%.
In such a scenario, it could be seen as a positive development for the cryptocurrency market.
Similar to USDT.D, BTC has been trading within a range near the 25,000 support zone. Consequently, we continue to anticipate bullish movement in the near future.
It's important to keep in mind that BTC might experience a dip within the support zone before resuming an upward trend, as long as the 24,200 level remains intact.
When analyzing the H4 timeframe, to identify short-term bullish momentum, it is essential to see a breakout above the recent high, indicated in green, at 26,200. If such an event occurs, we could reasonably expect a push towards the 27,250 supply zone.
However, for the time being, the prevailing sentiment remains bearish until the bulls assert their dominance.
If BTC were to fall below the current notable low, highlighted in red, we should be ready for further bearish movement, potentially extending towards the daily support range, spanning from 24,000 to 25,000.
2. 5 Altcoins Analysis
Let's begin with KAS. As mentioned last week, KAS has continued its overall bullish trend, remaining within the boundaries of the ascending broadening wedge pattern depicted in blue.
Our trading strategy has focused on identifying trend-following buy opportunities near the lower blue trendline and the 0.033 support level.
This week, KAS has notably bounced back from our support zone and is currently trading higher.
Examining the medium-term perspective on the H4 timeframe, it's evident that the bulls have gained control by surpassing the previous significant high marked in orange at 0.038.
Currently, we anticipate continued bullish momentum towards our target near the round number of 0.05.
The bullish sentiment is likely to persist unless the bears succeed in pushing KAS back below the 0.038 level.
Shifting our focus to OP, Optimism at its best! OP has been primarily following a bullish trend, remaining within the ascending wedge pattern highlighted in red.
Currently, OP is situated near the lower edge of this wedge, encouraging us to explore potential trend-following buy opportunities, as long as the 1.17 support level in orange remains intact.
To initiate a bullish scenario, we are closely monitoring the possibility of a breakout above the most recent significant high marked in blue, situated at 1.40.
Should this breakout occur, our subsequent target is established at the upper bound of the wedge pattern.
Moving on to ADA (Cardano), it has been trading within a significant range, oscillating between 0.24 and 0.36.
Given ADA's current position near the lower end of this range, we will be actively seeking buy opportunities on lower timeframes, provided that the 0.24 support level remains unbroken.
To enable the bulls to regain control, a breakthrough beyond the significant red-marked high at 0.28 is necessary. Once achieved, the next target would be the 0.34 resistance level.
In the meantime, as long as the bulls struggle to regain control, ADA could persist in trading lower, potentially descending into the support zone ranging from 0.24 to 0.25 or even breaking below it.
ATOM has remained within a significant range for almost a year, and it is currently approaching a robust support zone between 5.0 and 6.5. As a result, we will be actively seeking buy opportunities on shorter timeframes.
When examining the medium-term perspective on the Daily timeframe, a strong bullish scenario requires a solid candle closing above the last significant high marked in gray, approximately at 8.54.
Once this condition is met, we anticipate a shift in momentum from bearish to bullish.
It's important to note that until the bulls regain control, ATOM still holds the potential to continue trading lower, with the possibility of descending into the support zone spanning from 5.0 to 6.5 before any upward movement materializes.
In such a scenario, we will be on the lookout for short-term buy opportunities on lower timeframes.
WMT has similarly been navigating within a substantial range. It is currently nearing the lower boundary, which is acting as a support level, in the range of 0.10 to 0.105.
Consequently, our strategy involves actively seeking buy opportunities on lower timeframes unless WMT successfully breaks below the 0.10 level.
On the H4 timeframe, for the bulls to establish control, it is crucial that a breakout above 0.12 takes place. Once this occurs, our target will be set at the 0.14 level.
3. Quotes / Advice
“The stock market is a device for transferring money from the impatient to the patient.” ~Warren Buffett
Be patient and learn to refrain from impulsive actions, particularly during volatile market periods.
Above all, avoid making blind purchases, even on massive discounts. Acquiring an asset solely because its price is declining is akin to attempting to catch a falling knife, especially in a bear market.
Always keep in mind that no matter how robust a support level appears, it can still be broken downward.
Furthermore, even if an asset is trading near its all-time low, there's still potential for it to decline further and establish new all-time lows.
4. Closing Remarks
In summary, the current market outlook focuses on USDT.D, BTC, and five altcoins: KAS, OP, ADA, ATOM, and WMT.
USDT.D serves as an indicator of traders' sentiment. It's currently within a resistance zone, and a breakthrough above 8.3% could indicate bullish momentum. Conversely, a close below 8.05% could shift sentiment.
BTC is trading near the 25,000 support zone, with potential for a dip before resuming an upward trend. A breakout above 26,200 on the H4 timeframe could lead to a push towards the 27,250 supply zone.
KAS is following a bullish trend within an ascending broadening wedge pattern. A breakout above 0.038 could lead to a target near 0.05.
OP is in a bullish trend within an ascending wedge pattern, with potential buy opportunities as long as the 1.17 support level holds.
ADA is trading within a range between 0.24 and 0.36. Buy opportunities may arise near the 0.24 support level, with a breakout above 0.28 targeting 0.34.
ATOM has been in a range for nearly a year and is approaching a strong support zone between 5.0 and 6.5. A bullish scenario requires a close above 8.54 on the Daily timeframe.
WMT is near a support level between 0.10 and 0.105, offering buy opportunities unless it breaks below 0.10. A breakout above 0.12 on the H4 timeframe could target 0.14.
Overall, the market analysis suggests a mix of potential bullish and bearish scenarios for these cryptocurrencies, depending on key support and resistance levels.
Traders should closely monitor these levels and market developments to make informed decisions.