Welcome to our latest crypto market outlook for January 29th!
BTC is holding strong while altcoins are experiencing sharp declines. Many traders are panicking and selling, while smart traders are patiently waiting for the right momentum and tokens to accumulate. Here are five on my watchlist for this week: FLOW, ALU, SCRT, RUNE, and TROY.
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 still hovering within a large range, as mentioned in our last market outlook.
This week, USDT.D rejected the 3.75% – 4% support zone, which is bearish for crypto.
Medium-term, the bulls have already taken over after breaking above the inverse head and shoulders at 4.05%.
As long as the 4% support level holds, the overall momentum will remain bullish for USDT.D, which is bearish for crypto.
Even though the overall crypto market has been bearish, BTC is standing strong above the $100,000 mark.
For the bulls to take over long-term and initiate a new price discovery phase, a break above the $110,000 round number is needed.
From a medium-term perspective on the 4H timeframe, BTC would remain bearish while trading within the falling orange channel, especially if the $100,000 level is broken downward.
For the bulls to take over, a break above the last major high at $104,000 is needed.
5 Altcoins Analysis
FLOW has been overall bearish this month, recording a new low each week.
However, it is currently nearing a strong demand and support zone around the $0.50 round number, so we will be looking for long opportunities on lower timeframes.
On the 4H timeframe, for the bulls to shift momentum in their favor, a break above the falling orange channel and the last major high at $0.67 is needed.
Meanwhile, FLOW will remain bearish, with a continuation towards $0.50 expected.
ALU has been holding strong around the $0.10 round number and the structure marked in orange.
As long as this structure holds, we expect the bulls to step in at any moment.
If the structure breaks downward, a deeper correction toward the $0.05 round number would be expected.
Next up is SCRT, which has been overall bearish, trading within the falling channel marked in red, similar to the entire crypto market as mentioned in my last market outlook.
As it approaches the demand zone marked in blue, we will be looking for short-term long opportunities on lower timeframes.
In parallel, for the bulls to take over long-term, a break above the upper red trendline and the $0.40 major high is needed.
Analyzing RUNE, it is retesting a massive weekly support zone around the $2 round number.
RUNE has been melting more than usual, so a bullish correction is likely.
Short-term, the latest bearish movement is contained within the falling channel marked in orange.
The bulls will take over for a bullish correction toward the $2.90 mark after a break above the last high marked in orange at $2.22.
Last but not least, TROY is retesting an attractive demand zone marked in orange.
As long as this zone holds, the upside potential remains huge on this one.
For the bulls to take charge and initiate the next upside wave, a break above the falling wedge and the last high at $0.00188 is needed.
Meanwhile, the bearish trend is expected to continue.
Quotes / Advices
I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell.
~Tom Basso
Closing Remarks
In summary, USDT.D continues to hover within a large range, rejecting the 3.75% – 4% support zone, which remains bearish for crypto.
BTC is holding above $100,000, but a break above $110,000 is needed for long-term bullish momentum and price discovery.
FLOW is nearing a strong demand zone at $0.50, but it remains bearish unless it breaks above $0.67.
ALU is holding the $0.10 structure, with bullish momentum expected unless it breaks downward toward $0.05.
SCRT remains in a falling channel, with potential short-term longs near the demand zone but requiring a break above $0.40 for long-term bullish control.
RUNE is testing a key weekly support at $2, with a bullish correction likely if it breaks above $2.22.
TROY is retesting a demand zone, but a break above $0.00188 is necessary for a bullish reversal; otherwise, bearish momentum continues.
