Welcome to our latest crypto market outlook for July 16th!
Summer is heating up, and the crypto market isn’t slowing down — it’s breaking through every high in its path. Get ready to fill your bags with strong projects backed by solid teams. Here are my top picks for this week: DOT, POLYX, ETHFI, XLM, and ZRO.
Today, we will cover the following topics:
– BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
BTC analysis
As per our last BTC analysis, it’s already in the price discovery phase, making a new all-time high every day or two.
As long as BTC continues to trade within the rising orange channel, the overall bias remains bullish both in the long term and short term.
For the bulls to take over again in the short term and kick off the next upward impulse toward a new all-time high, a break above the last minor high marked in blue at $119,000 is needed.
In the meantime, BTC could still dip slightly to retest the lower blue trendline before resuming its bullish trend.
5 Altcoins Analysis
As per our last market outlook, DOT rejected the weekly support zone between $3 and $3.5.
As long as this support holds, a strong bullish wave toward the $7 resistance level remains on the horizon.
The bulls have already taken over in the medium term after breaking above the last high at $3.675.
As DOT retests the lower orange trendline and structure, we’ll be looking for trend-following long setups on lower timeframes.
POLYX has also rejected its weekly support and the round number at $0.10.
As a result, we’re expecting a move toward the upper bound of the range at $0.20.
The bulls already took over after breaking above the last major high at $0.1326 last week.
POLYX will remain overall bullish as long as it continues to trade above the last major low marked in orange at $0.144.
As per our last ETHFI analysis, it finally broke above the falling red channel and the last major high at $1.07, confirming the shift in momentum from bearish to bullish.
As long as the bulls remain in control, a continuation toward $1.66 as the first target is highly likely.
XLM surged by over 100% this week after rejecting the $0.20 round number, as mentioned in our last XLM update, making it one of the biggest movers of the week.
For the bulls to stay in control long-term, a 4H candle close above the $0.50 round number is needed.
Meanwhile, if the last low marked in green at $0.425 is broken to the downside, a bearish correction could begin.
ZRO, like most altcoins, rejected a major support zone and has been trading higher throughout the week.
As long as the bulls remain in control, a move toward the $3 round number and resistance level is expected.
As ZRO retests the $2 neckline and lower red trendline, we’ll be looking for trend-following long setups on lower timeframes, targeting $2.50 as the first target and $3 as the second.
Quotes / Advices
The goal of a successful trader is to make the best trades. Money is secondary.
~ Dr. Alexander Elder
Closing Remarks
In summary, the crypto market continues its explosive summer rally, with BTC reaching new all-time highs and maintaining its bullish momentum within a rising channel. For short-term continuation, a break above $119,000 is needed.
As for altcoins:
DOT bounced from key support and broke $3.675. As long as it holds above $3, a move toward $7 is expected.
POLYX flipped bullish after breaking $0.1326 and holds above $0.144. Next target: $0.20.
ETHFI broke out of a falling channel and $1.07. Bulls are targeting $1.66.
XLM surged 100% from $0.20. A break above $0.50 confirms continuation, while $0.425 is key support.
ZRO is retesting its $2 neckline. Bulls are aiming for $2.50 and $3.
