elcome to our latest Market Outlook, where we venture into the exciting world of cryptocurrencies from a technical perspective.
Be ready for an illuminating journey as we analyze the present market conditions, equipping you with vital insights to stay ahead and make informed decisions.
Get ready to traverse the crypto landscape with proficiency and seize those valuable opportunities!
Table of contents
- 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.D Chart - Daily Timeframe
This week, USDT.D has rejected the 7.46% resistance zone, shown in red, and traded lower.
For the bulls to take over long-term, we need a break above 7.46%, which would result in a bearish movement for the crypto market.
At present, USDT.D is bearish short-term, hovering around a significant swing low at approximately 7.25%.
USDT.D Chart - H1 Timeframe
The bears will remain in control as long as we are trading inside the falling channel shown in red. The next support level is at 7.20% which might hold the price up.
For the bulls to regain control in the short-term, we need a break above the upper red trendline.
BTC Chart - Daily Timeframe
For BTC, the overall bias is still bearish after breaking below the 30,000 and the previous major low.
We are anticipating a further downward movement towards the green support and trendline, located at approximately 27,500. At this level, we will be looking for trend-following buy setups.
BTC Chart - H4 Timeframe
On the H4 timeframe, taking a medium-term perspective, we can distinctly see a transition in momentum from a mild bullish trend to a bearish one. Currently, BTC is trading within a descending channel, highlighted in red.
The bears will maintain control unless the bulls manage to achieve a successful breakthrough above both the upper red trendline and the last significant high around 30,400.
5 Altcoins Analysis
Beginning with LTC, it is evident that the long-term bias is bullish, given that LTC has been trading within a rising channel and wedge pattern.
Currently, LTC is approaching a robust support zone around $84.5, where we will be seeking trend-following buy setups.
LTC Chart - Daily Timeframe
Zooming in to the H4 timeframe, we observe that the recent bearish correction movement is contained within the red wedge pattern. For the bulls to take control, a break above the last major high around $96.5 is needed.
In the meantime, until the bulls regain control, LTC would maintain a short-term bearish outlook and may potentially test the daily support zone around $84.5.
LTC Chart - H4 Timeframe
Next, we have OCEAN. Lately, it has exhibited an overall bullish trend, trading within the rising blue channel.
Currently, it is positioned near the lower blue trendline and at $0.34.
In this scenario, we will be seeking trend-following buy setups, as long as the support level remains intact.
OCEAN Chart - Daily Timeframe
To signal a takeover by the bulls, we must observe a momentum candle closing above $0.365. If this condition is met, it could potentially lead to a movement up to $0.41.
OCEAN Chart - H4 Timeframe
This week, DOGE broke above a major resistance zone at $0.074, resulting in the bulls taking control. As a result of this breakout, we are anticipating a continuation of the bullish trend towards the upper boundary of the blue channel, located around $0.092.
DOGE Chart - Daily Timeframe
The bulls will maintain control as long as we continue trading within the rising orange channel on the H4 timeframe.
However, if the last low in the orange channel, around 0.0718, is broken downward, we will witness a shift in momentum from bullish to bearish.
DOGE Chart - H4 Timeframe
Now let's cover BNB. BNB has been trading within a defined range, with the orange resistance and gray support serving as its boundaries.
For the bulls to regain control, it is crucial to achieve a breakthrough above the $258.0 resistance, which would then target the $305.0 supply zone.
Meanwhile, if BNB approaches the lower bound starting at $225.0, we will be looking for short-term buy setups.
BNB Chart - Daily Timeframe
MKR has been consolidating within a range, bounded by the round numbers $500 and $1300.
To establish long-term bullish control, a break above the $1300 resistance is crucial to target the $1800 mark.
MKR Chart - Weekly Timeframe
From a medium-term perspective, MKR would remain overall bullish as long as the last low at $995 is not taken out.
MKR Chart - H4 Timeframe
Quotes / Advices
One of the most crucial trading tips is to "Always Have A Plan"
Before risking your hard earned money, make sure to develop a well-thought-out trading plan.
This entails understanding what assets you are buying and selling, determining the size of your trades, and identifying the optimal timing for executing them.
Additionally, identify how much risk you are willing to take on each trade and build a clear strategy for managing your trades from entry to exit.
A trader who ventures without a plan is akin to a pig heading for a slaughter.
Closing Remarks
In summary, today's article begins with USDT.D, indicating a bearish sentiment for the crypto market as traders shift towards stablecoins.
BTC's overall bias remains bearish, with potential support around $27,500.
LTC shows a long-term bullish bias within a rising channel and wedge pattern, with key support around $84.5.
OCEAN exhibits an overall bullish trend within a rising channel, with a focus on trend-following buy setups.
DOGE has seen a bullish breakout and remains in control as long as it stays within the rising orange channel.
BNB is trading within a defined range, and a breakthrough above $258.0 is needed for bullish momentum.
MKR is consolidating, and a break above $1300 is crucial for establishing long-term bullish control.
Traders should keep a close eye on key levels for potential trend changes.
Always remember to analyze the market carefully before making any trading decisions. Happy trading!
