Welcome to our latest crypto market outlook for February 19th!
Altcoins are finally gaining bullish momentum after hitting a major support or demand zone. Are you still HODLing? Here are my top five picks for this week: ALGO, PLUME, HIFI, NKN, and LDO.
Today, we will cover the following topics:
– USDT.D and BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
USDT.D and BTC analysis
USDT.D is hovering within a critical make-or-break zone, as mentioned in our last update.
If the 4.38% level is broken downward, it could signal the start of a bullish phase for crypto.
Meanwhile, if the level holds, further consolidation within the range is likely.
Short-term, USDT.D will remain overall bullish as long as it continues trading within the rising wedge pattern marked in red, indicating more downside for the crypto market.
BTC has been stagnant for the past couple of weeks, with no significant updates in our last three market outlooks.
It is currently approaching the $91,000 structure marked in red, and all eyes are on whether it will break through or face rejection.
After breaking below the previous low at $97,000, the overall short-term bias has shifted bearish again.
For the bulls to regain control, a break above the falling red trendline is needed.
5 Altcoins Analysis
After rejecting the $0.50 round number, ALGO has been in an overall bearish correction phase.
However, it is currently bouncing off a strong support zone at $0.24 – $0.28, so we will be looking for trend-following long positions as long as this level holds.
For momentum to shift from bearish to bullish, a break above the last major high at $0.323 is needed.
To maintain medium-term control, the bulls must break above the upper blue trendline.
As per our last Coin of the Week article, PLUME rejected the $0.1 support and round number, then surged by over 45%.
For the bulls to remain in control and push towards the $0.20 resistance level, a break above the $0.15 mark is needed.
Next up is HIFI, which has been approaching the lower bound of its range at $0.30 – $0.35.
As long as this support zone holds, the bulls will have the upper hand.
For momentum to shift in favor of the bulls, a break above the blue wedge pattern and the $0.50 major high is needed.
Analyzing NKN, it has been in an accumulation phase around a key support zone and the $0.05 round number.
Medium-term, it has been in an overextended correction phase, forming a falling wedge marked in orange.
For the bulls to take control of the overall bias, a break above the last high at $0.07 is needed.
Last but not least, LDO has been stuck within a wide range between the $1.50 support and $2.50 resistance.
Since it is now near the support zone, we will be looking for buy setups on lower timeframes.
For the bulls to finally take control, a break above the inverse head and shoulders neckline at $1.95 is needed.
In such a scenario, a move toward the $2.30 resistance level would be expected as the first target.
Quotes / Advices
Never confuse your position with your best interest. Many traders take a position in a stock and form an emotional attachment to it. They’ll start losing money, and instead of stopping themselves out, they’ll find brand new reasons to stay in. When in doubt, get out!
~ Jeff Cooper
Closing Remarks
In summary, USDT.D remains in a make-or-break zone at 4.38%. A breakdown could trigger a bullish phase for crypto, while holding the level may lead to further consolidation.
BTC has been stagnant and is approaching the $91,000 resistance. A rejection or breakout will determine the next move. Short-term bias turned bearish after losing $97,000, with bulls needing a break above the falling trendline to regain control.
ALGO is in a correction phase but bouncing off strong support at $0.24 – $0.28. A breakout above $0.323 would confirm a bullish shift.
PLUME surged 45% after rejecting $1 support. Bulls need to break $0.15 to target $0.20 next.
HIFI is testing its range low at $0.30 – $0.35, with bulls needing a breakout above $0.50 for confirmation.
NKN is accumulating around $0.05 and in an extended correction phase. A break above $0.07 is required for momentum shift.
LDO is stuck in a wide range between $1.50 and $2.50, with buy opportunities near support. Bulls need to break $1.95 to target $2.30.
