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elcome to another crypto market outlook for the 9th of January!

In today's market analysis, we will delve into the current state of the crypto market. BTC has successfully breached the confines of its weekly range, and USDT.D has broken below a crucial support zone. These developments suggest a potential surge in bullish sentiment within the crypto market.

Additionally, we will cover five altcoins (BCH, MATIC, SHIB, NEAR, and ONE), emphasizing 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 dominance chart showing that it is hovering around a support zone.
USDT.D Chart - Daily Timeframe

USDT.D is still hovering around support inside a narrow range.

As long as the support holds, we expect a bullish movement, which may not be favorable for the overall crypto market sentiment.

USDT dominance 4h chart showing the overall bearish trend inside a falling channel.
USDT.D Chart - 4H Timeframe

On the 4-hour timeframe, USDT.D has been hovering inside an even narrower range. However, the bears seem to remain in control.

For the bulls to take over and push it upward, a breakout above the last major high marked in red at 5.96% is needed.

Bitcoin daily chart showing that it is getting over-bought around the upper bound of the wedge pattern and 50k resistance.
BTC Chart - Daily Timeframe

With ETF approval on the horizon, BTC remains bullish, recording a new high this week. Currently, BTC is approaching a weekly resistance between $48,000 and $50,000.

For the bulls to take over from a macro perspective, leading to its all-time high, a weekly candle close above $50,000 is needed.

Bitcoin 4h chart showing the bulls in control and approaching a resistance zone.
BTC Chart - 4H Timeframe

This week, BTC traded higher to test the upper bound of the orange wedge pattern.

The bulls will remain in control as long as the $44,700 support holds.

If $45,700 is broken downward, a movement toward the $41,500 support would be expected.

5 Altcoins Analysis

Let's start with BCH. It has been overall bullish, trading inside the rising channel in blue.

This week, BCH rejected the $220 support zone highlighted in green.

As long as $220 holds, we will be looking for trend-following buy setups on every retest, targeting the upper bound of the blue channel around $300.

BCH daily chart showing that it is slightly bullish trading inside a rising flat channel.
BCH Chart - Daily Timeframe

Turning our focus to MATIC, this particular altcoin has been in a consolidation phase, confined within a narrow range bordered by our $0.72 support and $1.05 resistance.

Currently, MATIC is sitting around the support zone, so we will be looking for buy setups on lower timeframes.

MATIC Daily chart stuck inside a range and currently sitting around support.
MATIC Chart - Daily Timeframe

On the 4-hour timeframe, for the bulls to take over, we need a momentum candle close above the last major high highlighted in red at $0.85.

In this case, a movement towards the $1 resistance would be expected.

Meanwhile, MATIC would be bearish and might experience a dip within the daily support zone before potentially trading higher.

MATIC 4h chart showing the swing high $0.85 that we are waiting for a break above for the bulls to take over.
MATIC Chart - 4H Timeframe

Next on the list for today, we have SHIB. It has been bullish, trading inside the flat channel in red.

Currently, SHIB is situated in the middle of the channel.

For the bulls to maintain control from a medium-term perspective, a breakout above $0.00001 is needed. In this case, we can anticipate a movement towards the upper bound of the channel at $0.0000118.

Meanwhile, as SHIB approaches the $0.00000785 support highlighted in red, we will be looking for potential buy setups on lower timeframes.

SHIB daily chart showing the overall range and that we are currently in a correction phase.
SHIB Chart - Daily Timeframe

Analyzing NEAR, it has been generally bullish, trading above the orange trendline.

Currently, NEAR is undergoing a correction zone and approaching a robust demand zone at $2.65.

NEAR daily chart showing the overall bullish trend above the trendline.
NEAR Chart - Daily Timeframe

Examining the 4-hour timeframe for NEAR, it's apparent that bearish momentum prevails, as it is trading inside the falling channel in red.

For the bulls to take over and start the next impulse movement upward, a break above the last major high at $3.6 is needed.

Meanwhile, NEAR would be bearish and can still trade lower to test the daily demand zone.

NEAR 4h chart showing the correction phase and the last swing high that we are waiting for a break above at $3.6.
NEAR Chart - 4H Timeframe

After rejecting the $0.022 resistance, ONE has been bearish, undergoing a correction phase inside the rising wedge pattern in red.

Currently, ONE is sitting around the lower red trendline, acting as a non-horizontal support. Thus, we will be looking for buy setups on lower timeframes as long as the $0.015 support holds.

ONE daily chart showing that price is trading inside a rising wedge pattern and it is currently hovering around the lower bound / trendline.
ONE Chart - Daily Timeframe

For the bulls to take over again and start the next impulse movement upward, we need a momentum candle close above the last major high in orange at $0.017.

In parallel, if the support at $0.015 is broken downward, expect further bearish movement till the next support at $0.01.

ONE 4h chart showing the last major high at $0.0175 that we are waiting for a break above for the bulls to take over.
ONE Chart - 4H Timeframe

Quotes / Advices

Mastering Trading Psychology: 7 Essential Tips for Success:

- Emotional Control: Keep emotions in check; avoid fear and greed.

- Discipline: Stick to a well-defined trading plan.

- Risk Management: Limit losses with stop-loss orders; manage position sizes.

- Adaptability: Be flexible; markets change, so should strategies.

- Focus on Process: Evaluate decisions based on strategy, not outcomes.

- Continuous Learning: Stay informed and adapt to market trends.

- Confidence, not Overconfidence: Trust in analysis, but stay humble.

Closing Remarks

In summary, this outlook begins with an overview of the USDT.D chart, indicating a narrow range and the importance of support for market sentiment.

The BTC analysis suggests a bullish trend, with the need for a weekly close above $50,000 for a potential all-time high.

Five altcoins are then analyzed:

BCH: Bullish within a rising channel, targeting $300 as long as $220 support holds.

MATIC: In consolidation, sitting near the support zone. A breakout above $0.85 could lead to a movement towards $1.

SHIB: Bullish in a flat channel; a breakout above $0.00001 could push it towards $0.0000118.

NEAR: Generally bullish, approaching a correction zone with potential support at $2.65.

ONE: Bearish after rejecting $0.022, undergoing correction. Buy setups expected if $0.015 support holds, while a break below may lead to further bearish movement.

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