elcome to another crypto market outlook for the 20th of March!
In today's market analysis, we will dive into the current state of the crypto market. BTC is hovering around a massive support at $60,000, while USDT.D continues to display a bullish trend, approaching a major high at 4.72%.
Furthermore, we will cover five altcoins (DYM, TEL, XEC, ROSE, and DUSK), highlighting 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).
As per our previous outlook, USDT.D rejected the 3.75% - 4% support zone and traded higher.
We now anticipate a continuation towards the upper boundary of the orange channel and 5%.
For the bulls to maintain control, a breakout above the last major high at 4.72% is required.
Conversely, if the last low at 4.4% is breached downward, we will anticipate further bearish movement towards the 4% level..
After breaking below the $70,000 mark, BTC has entered a correction phase, trading within the falling blue channel.
However, the $60,000 level and lower red trendline create a strong rejection zone where bullish pressure may emerge.
For the bulls to take over and start the next impulse movement upward, a breakout above the upper blue trendline and the last major high marked in blue at $65,700 is required.
In such a scenario, a movement towards $70,000 would be anticipated.
5 Altcoins Analysis
Let's begin with DYM. It is currently hovering around the lower bound of the range.
As long as the $4.8 support holds, we anticipate the bulls to step in.
For the bulls to take over, a breakout above the last major high marked in red at $5.9 is necessary.
In such a scenario, a movement towards the $8 resistance would be expected.
Turning our attention to TEL. Following the breakout below the resistance at $0.005, TEL dipped by 35%.
Currently, it is approaching a strong support zone at $0.003, so we will be looking for buy setups on lower timeframes.
In the 4-hour timeframe, for the bulls to take control, a breakout above the last major high marked in red at $0.00415 is necessary.
Meanwhile, TEL would maintain an overall bearish outlook and could still trade lower to test the $0.003 support level.
Next on the list for today is XEC. It has been overall bearish trading within the falling channel marked in red.
However, it is currently approaching a robust demand zone at $0.000042, prompting us to search for buy setups on lower timeframes.
For the bulls to take control, a breakout above the upper red trendline and the last major high at $0.000053 is necessary.
In such a scenario, a movement towards the next resistance at $0.00007 would be expected.
Analyzing ROSE, it has been overall bullish trading within the rising channel marked in red, and it is currently approaching the lower bound of the channel.
As long as the support at $0.118 holds, we anticipate a continuation towards the $0.18 mark.
In the 4-hour timeframe, ROSE has been overall bearish, trading within the falling orange wedge pattern.
For the bulls to assume control and start the next impulse movement upward, a breakout above the last major high in orange at $0.145 is needed.
DUSK has been trading within a range bounded by our $0.2 support and $0.4 resistance levels.
Currently, DUSK is testing the lower boundary of the range, so we will be looking for buy setups on lower timeframes as long as the support holds.
For the bulls to assume control and initiate the next upward impulse movement, a breakout above the upper red trendline and the last major high marked in red at $0.31 is required.
Meanwhile, DUSK would maintain a bearish outlook and could still trade lower to test the $0.2 - $0.25 support zone.
Quotes / Advices
During a dip, it's crucial to remain calm and avoid impulsive decisions.
Focus on long-term strategies rather than short-term gains. Consider diversifying your portfolio to mitigate risk.
Avoid panic-selling and instead, consider buying opportunities at discounted prices.
Keep emotions in check and stick to your investment plan.
Remember, volatility is inherent in crypto markets, and patience is key to riding out bearish phases.
Closing Remarks
In summary, USDT.D indicates bullish sentiment, targeting the upper boundary of the orange channel at 5%.
BTC faces a correction phase within the falling blue channel, with $60,000 acting as a strong support.
For a bullish reversal, BTC must breach the upper blue trendline and reach $65,700, aiming for $70,000.
DYM eyes bullish moves near $4.8 support, targeting $5.9 resistance.
TEL seeks stability at $0.003 support, awaiting a breakout above $0.00415 resistance.
XEC eyes potential gains near $0.000042 demand area, with a breakout above $0.000053 pivotal.
ROSE maintains bullish momentum near $0.118 support, with $0.145 resistance key for further gains.
DUSK tests $0.2 support, aiming for breakout above $0.31 resistance while monitoring support levels around $0.2 - $0.25.
