reetings, esteemed ACG community members!
Today, we'll dive into the current state of the crypto market. BTC has reached record highs, while USDT.D has dropped significantly within a strong support zone.
Additionally, we'll examine five major altcoins (ARB, MKR, SFP, TWT, and AAVE), evaluating their crucial levels and potential trading opportunities.
Are you Ready?
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 is currently hovering around a robust support zone of 6.4% - 6.5%. We anticipate the bulls to step in soon, as long as the support holds.
However, it's important to note the possibility that USDT.D might continue its bearish trend, potentially trading lower or even breaking the support zone downward.
In the H4 timeframe, in order for the bulls to take charge, there needs to be a surpassing of the previous peak highlighted in orange, which stands at 6.7%. If this happens, it might indicate a positive correction in the cryptocurrency market.
BTC is presently showing a generally positive trend, trading within the ascending channel outlined in orange. Nevertheless, it is nearing the upper bound and the resistance area ranging from 38,000 to 40,000. As a result, we expect the bears to gain dominance shortly.
In the H4 timeframe, BTC would remain bullish as long as we are trading inside the rising channel in red.
For the bears to take over and reject the 38,000 resistance zone, we need a break below the last major low in red at 35,050. In this scenario, we can expect BTC to test the 32,000 support level once again.
2. 5 Altcoins Analysis
Let's start with ARB. After breaking above 1.04, the bulls took control from a long-term perspective, and we anticipate further bullish movement toward the next resistance marked in red at 1.25.
Conversely, if ARB breaks below the 1.04 support, we expect a shift in momentum from bullish to bearish, leading to a movement toward the 0.87 support zone.
Shifting our attention to MKR, based on our analysis from a couple of weeks ago, we anticipated a bullish takeover following a break above the 1300.0 resistance.
Currently, MKR is retesting the 1300.0 support zone, so we will be looking for buy setups on lower timeframes.
In the H4 timeframe, a bullish takeover is contingent upon a break above the last major high marked in red at 1378.0.
Meanwhile, it's crucial to recognize the possibility that MKR could continue trading lower within the confines of the weekly support zone or even breach it downward.
Examining SFP, it has been fluctuating within a significant range between 0.25 and 0.8, and it is presently nearing the upper boundary/resistance zone.
To establish a long-term bullish scenario, a weekly candle close above 0.25 is imperative.
However, it's important to note that the bears still have the potential to intervene and drive the price lower.
In the Daily timeframe, bullish momentum will persist unless the recent low, marked in red at 0.67, is breached downward.
Should this level be broken, a retracement towards the support level at 0.55 can be anticipated.
According to our previous TWT analysis from a couple of weeks ago, we were waiting for a daily candle to close above the 1.13 resistance level for the bulls to take control.
Last week, we witnessed the anticipated breakout, and TWT traded higher, reaching our target of 1.8.
To maintain bullish momentum in the long term, a break above 1.885 is crucial. In such a scenario, we can anticipate a movement toward the 2.6 supply zone.
In the H4 timeframe, the bulls will maintain medium-term control unless the last low, highlighted in orange at 1.4, is breached downward.
If this occurs, a movement toward the 1.13 support zone can be expected, where we will be seeking potential buy setups.
After breaking above the 80.0 resistance, AAVE has been bullish and currently approaching a resistance zone 120.0.
For the bulls to remain in control, and take over from a long-term perspective, we need a weekly candle close above 120.0.
The bullish momentum in AAVE will persist as long as it trades within the ascending red channel, with an anticipated movement within the 115.0 - 120.0 resistance range.
To signal a shift in momentum from bullish to bearish, a break below the last significant low in red at 95.0 is necessary. In such a scenario, a movement toward the 80.0 support level can be expected.
3. Quotes / Advice
Here are my golden tips for successful trading
Education is Key: Understand the markets and trading instruments thoroughly.
Set Realistic Goals: Define clear, achievable objectives for your trades.
Create a Solid Plan: Develop a detailed trading plan with entry and exit strategies.
Manage Risks: Never risk more than you can afford to lose on a single trade.
4. Closing Remarks
In summary, we delve into the current market status of USDT.D, BTC, and five altcoins (ARB, MKR, SFP, TWT, and AAVE) across different timeframes to assess the market sentiment and potential price movements.
USDT.D is hovering near a robust support zone, with the possibility of a bearish trend continuation if the support breaks.
BTC exhibits a positive trend within an ascending channel but might face resistance near 38,000-40,000, possibly turning bearish if it drops below 35,050.
Among the altcoins, ARB is set for bullish movement above 1.04 while MKR is retesting the 1300.0 support zone.
SFP requires a breakthrough above 0.25 for a bullish scenario.
TWT reached the target of 1.8 and could move toward the 2.6 supply zone if it breaks above 1.885.
AAVE remains bullish within the 115.0 - 120.0 resistance range, needing a weekly close above 120.0 to sustain its momentum.