Welcome to our latest crypto market outlook for May 28th!
Even during a bull run, sharp bearish corrections can occur. In fact, such corrections are a natural part of the market cycle — so don’t panic. This week has been a perfect example of a dip, which presents a great opportunity to start looking for long setups.
Here are five interesting altcoins on my watchlist this week: CAKE, CELR, INJ, VIRTUAL, and ZK.
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 hasn’t shown any signs of weakness after breaking above its all-time high.
As long as the $104,000 support level holds, BTC will remain in a price discovery phase.
As long as BTC continues to trade within the rising channel marked in green, the overall bias for the crypto market will remain bullish, and we’ll be looking for trend-following long setups on altcoins.
Momentum will only shift to bearish if BTC breaks below the $104,000 support level.
5 Altcoins Analysis
As per our latest CAKE update, it rejected the lower bound of its rising channel marked in blue and surged by over 30%.
For the bulls to stay in control, a break above the $3 round number is required.
The bulls will remain in control unless the last low, marked in red at $2.67, is broken to the downside.
In that case, a bearish correction toward the lower bound of the channel would be expected, where we’ll be looking for new short-term long setups.
After breaking above the $0.01 round number, CELR’s momentum has shifted from bearish to bullish.
As long as the $0.009 support holds, we’ll be looking for trend-following long setups, targeting the $0.013 resistance level.
For the bulls to fully take over and initiate the next impulse phase toward the next resistance, a break above the upper bound of the red falling wedge is needed.
As per our latest market outlook, INJ entered a correction phase after breaking above the last major high, marked in red at $11.3.
As long as the bulls hold, a bullish continuation toward the upper bound of the falling blue channel around $23 is expected.
VIRTUAL has been one of the top performers this month, consistently making new highs week after week.
After breaking above the last major high at $2.3, a new bullish impulse has been confirmed, likely pushing VIRTUAL toward the $4 mark.
ZK has finally turned bullish after breaking above the falling channel marked in red.
As long as it continues to trade within the rising broadening wedge marked in blue, we’ll be looking for trend-following long setups during each bearish correction phase.
This week, ZK has been retesting the lower bound of the rising wedge marked in blue.
For the bulls to regain control and initiate the next bullish impulse, a break above the upper red trendline is needed.
Quotes / Advices
Every trader has strengths and weaknesses. Some are great forecasters, others are good at execution. Learn what your strengths are and build on them.
~ Michael Marcus
Closing Remarks
In summary, despite short-term corrections, the overall crypto market remains bullish, with BTC holding above the $104,000 support and continuing its price discovery phase.
This week’s dip presents strong long opportunities, especially across select altcoins.
CAKE bounced 30% off support and needs a break above $3 to stay bullish. CELR flipped bullish above $0.01 and is targeting $0.013 while $0.009 holds.
INJ is correcting after its $11.3 breakout, with bulls eyeing $23. VIRTUAL continues to surge after breaking $2.3, heading toward $4. ZK turned bullish and now needs to break the red trendline to confirm further upside.
