Welcome to our latest crypto market outlook for June 4th!
After being bullish for almost a month, the crypto market is now undergoing a sharp correction. Newbies panic, while professionals DCA. Are you shopping — or selling at a loss?
Here are five altcoins around key levels in my shopping cart this week: IMX, MAV, OP, S, and XVG.
Today, we will cover the following topics:
– BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
BTC analysis
As per our latest BTC analysis, it is currently retesting its previous all-time high after breaking above it two weeks ago.
As long as the $101,500 structure marked in orange holds, the bulls will remain in control.
For the bulls to take over again and ignite the next big bullish wave, a break above $107,000 is needed.
In parallel, if the $101,500 level is broken to the downside, a larger bearish correction could be on the horizon.
5 Altcoins Analysis
As per our last IMX update, it’s still rejecting the $0.50 round number and holding above support.
As long as the lower bound of the weekly support at $0.40 holds, we’ll be looking for long-term buy setups.
From a medium-term perspective on the daily timeframe, IMX has been in an accumulation phase, forming a giant inverse head and shoulders pattern.
For the bulls to take over in the long term, a break above the neckline at $0.82 is needed.
Meanwhile, in the short term, a break above the $0.60 mark and the upper red trendline is required for the bulls to regain control.
MAV is no different — it has also been in a major accumulation phase and is currently rejecting the $0.05 round number.
As long as the $0.05 level holds, we’ll be looking for short-term long opportunities.
For the bulls to take over in the long term, a break above the major structure at $0.085 is required.
In the short term, MAV has been bearish, trading within the falling channel marked in red.
However, since it’s rejecting the $0.05 level, we expect the bulls to step in soon — confirmation will come with a break above the upper bound of the red channel.
As per our latest market outlook, OP has been medium-term bullish, trading within the flat rising broadening wedge marked in orange.
Since it’s currently near the lower bound of the wedge, we’ll be looking for long opportunities targeting the $1 round number.
For the next impulsive phase to kick in, a break above the last minor high at $0.71 (marked in red) is needed.
S has also been bearish, trading within the falling channel marked in red. However, since it’s rejecting the lower bound of its range at $0.38, we expect bullish momentum to kick in soon!
For the bulls to regain control, a break above the last major high at $0.43 is needed.
As per our last XVG update, it has been trading within a rising broadening wedge pattern marked in blue.
Now retesting the lower bound of the wedge and the $0.005–$0.006 support zone, we’ll be looking for long-term trend-following buy setups.
From a medium-term perspective, XVG has been in a correction phase, trading within the falling channel marked in red.
For the bulls to initiate the next impulsive wave, a break above the $0.007 structure and the upper red trendline is needed.
Quotes / Advices
You never know what kind of setup [the] market will present to you, your objective should be to find [an] opportunity where risk-reward ratio is best.
~ Jaymin Shah
Closing Remarks
In summary, Bitcoin is retesting its previous all-time high, with $101,500 acting as key support and $107,000 as the trigger for the next bullish wave.
IMX is forming a giant inverse head and shoulders, with bullish momentum expected above $0.60 and $0.82.
MAV is rejecting the $0.05 level, and a breakout above $0.085 could confirm long-term reversal.
OP is near the lower bound of a rising wedge, with upside potential toward $1 if $0.71 is broken.
S is bouncing off its $0.38 support range, with a breakout above $0.43 needed to confirm a trend shift.
XVG is retesting a major support zone within a rising wedge, with $0.007 as the breakout level to watch for bullish continuation.
