elcome to another crypto market outlook for the 3rd of July!
In today's market analysis, we will delve into the current state of the crypto market. BTC is retesting the $60,000 round number, while USDT.D is rejecting a massive structure!
Furthermore, we will cover five altcoins (NEAR, TON, WMT, RIO, FLOKI), highlighting their key levels and potential trading setups.
Are you ready?
Today, we will cover the following topics:
- USDT.D and BTC Analysis
- 5 Altcoins Analysis
- Quotes / Advices
- Closing Remarks
USDT.D and BTC analysis
As usual, I always start my analysis with USDT.D as it serves as an indicator of traders' sentiment. USDT.D reflects whether traders are optimistic (investing in cryptocurrencies) or pessimistic (shifting towards stablecoins).
As per our last market outlook, USDT.D is retesting the 5.25% resistance zone, so we will be looking for potential bearish reversal setups.
Meanwhile, the bulls will maintain control and can still push USDT.D within the 5.25% - 5.45% resistance zone.
In the 4-hour timeframe, the bears are clearly taking control, especially after breaking below the rising channel marked in red.
As long as the last major high at 5.16% holds, we anticipate a bearish continuation towards the 4.8% structure marked in orange.
As per our previous market outlook, BTC is retesting the $60,000 round number, so we will be looking for trend-following buy setups on lower timeframes.
In parallel, if the $58,000 support level is broken downward, a deeper bearish correction towards the $52,000 demand zone is anticipated.
In the 4-hour timeframe, after breaking above the previous major high at $63,000, the momentum has shifted from bearish to bullish.
Currently, BTC is bullish, trading within the rising wedge marked in red. The bulls will maintain control as long as the $60,000 support level holds.
5 Altcoins Analysis
Let's start with NEAR. It has been overall bearish, trading within a large channel marked in red.
Currently, NEAR is hovering around the lower bound of the red channel, which intersects with the blue trendline and the support zone.
In the 4-hour timeframe, FTM has been hovering within a narrow range.
For the bulls to take over and start the next upward impulse movement, a breakout above the last major high at $5.77, highlighted in red, is needed.
In such a scenario, a movement towards the upper bound of the red channel would be anticipated.
Turning our attention to TON, it has been overall bullish, trading within the rising channel marked in blue.
For the bulls to maintain control and push towards the $10 round number, a break above the previous major high marked in red at $8.3 is needed.
Meanwhile, as TON retests the $7 support level, we will be looking for new short-term buy setups on lower timeframes.
Next on the agenda is WMT. It has been overall bearish, trading within the falling wedge pattern marked in red.
However, WMT is currently approaching a strong demand zone between $0.21 and $0.235.
For the bulls to take over and shift the momentum, a break above the last major high marked in red at $0.288 is needed.
In such a scenario, a bullish movement towards the $0.4 mark would be anticipated.
Analyzing RIO, it has been overall bearish from a medium-term perspective, trading within the falling wedge pattern marked in red.
However, RIO is currently approaching a massive support zone between $1 and $1.14.
As long as the $1 support level holds, we will be looking for buy setups on lower timeframes.
In the 4-hour timeframe, RIO has been trading within a flat channel marked in orange.
For the bulls to regain control, a break above the last major high, marked in orange at $1.39, is needed.
In such a scenario, a movement towards the upper red trendline would be anticipated.
FLOKI has been overall bullish from a long-term perspective, trading within the flat rising channel marked in blue.
Currently, FLOKI is approaching the lower bound of the channel, so we will be looking for trend-following buy setups on lower timeframes.
In the 4-hour timeframe, FLOKI has been hovering within a narrow range, in the shape of an inverse head and shoulders pattern.
For the bulls to take over and start the next upward impulse movement, a break above the head and shoulders neckline, marked in orange, at $0.000193 is needed.
Meanwhile, FLOKI would remain bearish and could still trade lower to test the $0.000125 - $0.000145 support zone.
Quotes / Advices
Trading quotes offer wisdom and inspiration for investors.
"The trend is your friend" reminds traders to follow market directions.
"Cut your losses short and let your profits run" advises on managing risk and maximizing gains.
"Plan your trade, trade your plan" emphasizes discipline.
"Patience is a virtue" highlights the importance of waiting for the right opportunity.
These timeless quotes encapsulate the essence of successful trading strategies.
Closing Remarks
In summary, USDT.D is retesting the 5.25% resistance zone, with potential bearish reversal setups expected if the last major high at 5.16% holds.
BTC remains bullish above the $60,000 support level, with momentum targeting further gains.
NEAR hovers near the lower bound of its channel, looking for a breakout above $5.77. TON targets a push towards $10, requiring a break above $8.3.
WMT approaches a strong demand zone between $0.21 and $0.235, with bullish potential if $0.288 resistance breaks.
RIO nears the $1 support zone, with buy setups anticipated if it breaks $1.39.
FLOKI shows bullish potential, needing to break above $0.000193 to start an upward movement.
Also read our previous altcoins article.
