reetings, esteemed ACG community members!
In this summary, we will explore the present condition of the cryptocurrency market, beginning with BTC breaking a weekly resistance, and USDT.D approaching a monthly support.
Furthermore, we will assess five significant altcoins (LINK, XLM, OP, XMR, and BCH), analyzing their key levels and possible trading chances.
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).
Last week, USDT.D broke below the 7.46% structure and the 7.15% support, continuing to trade lower. It was indeed an exciting week for the crypto market!
Currently, USDT.D is approaching a robust support level indicated in blue, around 6.6%, where we anticipate the bulls to initiate a bullish correction.
However, it's important to note that USDT.D could remain bearish and might continue to trade lower.
In the H1 timeframe, USDT.D failed to break above the 7.65%, keeping the bears in control.
For the bulls to regain control, a break above the last high marked in orange at 7.0% is necessary. If this occurs, it could indicate a bearish correction for the crypto market.
BTC broke the 32,000 weekly resistance, signaling a shift in momentum to a bullish stance from a long-term perspective.
Currently, the next resistance level is expected to be around 40,000.
The bulls will maintain control from a medium-term perspective unless the last low marked in red around 33,250 is breached.
If this occurs, a movement towards the 32,000 support level can be anticipated, where we will be on the lookout for trend-following buy setups.
2. 5 Altcoins Analysis
Let's start with LINK. After being confined within a significant range for over a year, LINK has finally broken out of the range by surpassing the key level of 10.0.
This confirms that LINK has entered the Markup phase, and there are expectations of a movement towards the next resistance level around 20.0.
On the H4 timeframe, the bulls will maintain control unless the recent low at 9.5 is breached. If this occurs, LINK may revert back inside the previous trading range.
Shifting our attention to XLM, based on our analysis from a couple of weeks ago, we were seeking buy setups around the key level of 0.1 and within the demand zones.
XLM indeed rejected the demand zone and traded higher as anticipated.
For the bulls to maintain control, a breakthrough above the 0.12 resistance level is necessary. If this occurs, a movement towards 0.15 can be expected.
However, it's crucial to note that XLM still has the potential to reject the red resistance and trade lower. Confirmation of a bearish reversal setup would be needed, especially on lower timeframes, to ascertain a change in trend direction.
Examining OP, according to our analysis, it rejected the orange support as anticipated.
However, it is currently approaching a robust resistance at the key level of 1.5. To sustain control and establish a bullish long-term perspective, a daily candle close above 1.5 is necessary for the bulls.
The bulls will maintain control unless the recent low marked in red at 1.35 is breached. If this happens, we can anticipate a movement back toward the orange support level once again.
XMR recently rejected the lower boundary of the orange channel and is currently trading higher.
To establish bullish control from a long-term perspective, a breakthrough above the 200.0 resistance zone is necessary.
In the medium-term perspective, based on our recent analysis, the bulls gained control by surpassing the significant high at 150.0 marked in blue.
However, XMR is expected to maintain a bearish medium-term outlook, with movement anticipated within the 180.0 - 200.0 resistance range, unless the lower red trendline is breached downward.
After being rejected at the 202.0 support level, BCH has displayed a bullish trend, trading within the ascending red channel.
However, it is presently positioned near the upper boundary of the channel, which may provide an opportunity for bears to assert control.
On the H4 timeframe, in line with our recent analysis, the bulls gained control by surpassing the significant high at 221.0 marked in blue.
Currently, BCH is expected to maintain a bullish stance unless the last major low at 246.0 in green is breached downward. If this occurs, a bearish movement toward the lower red trendline can be anticipated once again.
3. Quotes / Advice
Do you find yourself becoming angry when you lose a game? Do you seek revenge?
If yes, chances are you'll become even more emotional when you lose a trade, especially when your money is at stake.
You might blame the news, the market, or even the cat - anything but yourself.
However, it's essential to realize that the market isn't responsible for your losses.
When you seek revenge, you're essentially trying to retaliate against yourself.
Remember: 'The best trader is never angry.'
4. Closing Remarks
In summary, this outlook provides insights into the current market trends of USDT.D and BTC, along with detailed assessments of five altcoins: LINK, XLM, OP, XMR, and BCH.
USDT.D indicates a potential bullish correction at the 6.6% support level, but it could continue to trade lower.
BTC has shifted to a bullish stance after breaking the 32,000 weekly resistance, aiming for the next level at 40,000.
Among the altcoins, LINK confirms its markup phase with a breakout, while XLM rejects the demand zone and eyes a move towards 0.15.
OP faces a crucial resistance at 1.5 for a bullish perspective.
XMR needs to breach the 200.0 resistance zone for long-term bullish control.
BCH maintains a bullish stance unless the major low at 246.0 is breached, potentially leading to a bearish movement.