Welcome to our latest crypto market outlook for March 26th!
After being bearish for almost two months, many altcoins have been gaining strength this week. Here are my top picks: BCH, INJ, MOVE, TRX, and OM.
Today, we will cover the following topics:
– BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
BTC analysis
As per our latest BTC update, it remains overall bearish in the medium term on the daily timeframe, as it is trading within the falling wedge pattern shown in orange.
Currently, BTC is hovering around the upper boundary of the wedge, so the bears will have the upper hand as long as the upper orange trendline holds.
In the short term, BTC has been bullish this week, trading within the rising channel marked in green.
For the bulls to remain in control and push towards the $95,000 resistance level marked in red, a breakout above both the upper green and orange trendlines is needed.
Meanwhile, if the last higher low in green at $83,500 is broken to the downside, further bearish movement would be expected.
5 Altcoins Analysis
BCH has been holding strong above the $300 support and psychological round number.
As long as the $270 support level holds, we expect the bulls to step in for a bullish correction toward the $400 mark.
For the bulls to take over in the medium term, a break above the red wedge pattern and the last major high at $350 is needed.
Meanwhile, BCH can still push lower toward the $300 support, where we will be looking for new short-term long opportunities.
INJ has also been rejecting a strong support and demand zone around $6.5.
This zone intersects with the lower boundary of the falling blue channel, making it an even stronger area to look for buy setups on lower timeframes.
In the medium term, INJ has been in a bearish impulse phase, forming a falling wedge pattern marked in red.
For the bulls to take over and shift the momentum in their favor, a break above the upper red trendline and the last major high at $13 is needed.
As per our latest MOVE analysis, the price surged by over 60% after rejecting the lower boundary of the range at $0.40.
Today, MOVE is rejecting the upper boundary of the range at $0.56.
For the bulls to regain control in the medium term, a break above $0.56 is needed.
Meanwhile, as it retests the $0.47 structure marked in red, we’ll be looking for short-term trend-following long setups, targeting the $0.55 level.
As per our market outlook last month, TRX is currently rejecting a strong demand zone marked in blue.
The bearish correction phase is unfolding within the falling green channel.
For the bulls to take over and initiate the next upward impulse phase, a break above the last major high marked in green at $0.252 is needed.
OM has been overall bullish, trading within the rising channel marked in blue.
Currently, it is in a correction phase, approaching the lower boundary of the wedge, which aligns perfectly with the demand zone marked in blue.
For a shift in trend from bearish to bullish, in alignment with the overall direction, a break above the last major high marked in orange at $7.15 is needed.
Meanwhile, as OM retests the demand zone around $6, we’ll be looking for new short-term long opportunities.
Quotes / Advices
The trend is your friend – until it stabs you in the back with a chopstick.
~ @StockCats
Closing Remarks
In summary, BTC remains bearish in the medium term, trading within a falling wedge, while short-term price action shows bullish momentum inside a rising channel. A breakout above key resistance levels is needed for bulls to regain full control.
Among the altcoins, BCH, INJ, MOVE, TRX, and OM are all approaching critical support and resistance levels.
BCH and OM are holding strong above demand zones, with potential for bullish continuation if key highs are broken.
INJ and TRX are forming wedge and channel patterns, with breakout opportunities on the horizon. MOVE recently surged but now faces resistance, with potential short-term longs forming on pullbacks.
