Welcome to another crypto market outlook for the 10th of July!
In today's market outlook, we will dive into the crypto market. BTC is retesting the $60,000 resistance level, while USDT.D is rejecting the 5.33% support level.
Moreover, we will go over five altcoins (POLYX, DYM, PYTH, KAS, SEI), marking their key levels and possible trade setups.
Today, we will cover the following topics:
- USDT.D and BTC Analysis
- 5 Altcoins Analysis
- Quotes / Advices
- Closing Remarks
USDT.D and BTC analysis
I consistently begin my analysis with USDT.D, as it functions as a gauge for trader sentiment. By examining USDT.D, we can determine if traders are feeling optimistic, indicated by increased investments in cryptocurrencies, or pessimistic, shown by a shift towards stablecoins.
As per our latest outlook, USDT.D is currently testing the support range of 5.33% to 5.45%.
As long as the 5.33% support level holds, we anticipate bullish momentum to emerge shortly.
In the 4-hour timeframe, USDT.D has been overall bullish trading within the rising wedge pattern highlighted in red.
USDT.D will remain bullish as long as it remains above the significant low of 5.16%.
As per our previous outlook, BTC is currently hovering around the $58,000 - $60,000 resistance zone and upper bound of the falling channel marked in red.
As long as the $60,000 resistance level holds, a bearish continuation towards the $52,000 mark is anticipated.
In the 4-hour timeframe, BTC has been in a correction phase trading within the rising channel highlighted in orange.
For the bulls to take over, and shift the momentum again, a break above the last major high marked in blue at $60,700 is needed.
5 Altcoins Analysis
Let's start with POLYX. It has been bullish from a macro perspective, trading within a giant wedge pattern highlighted in blue.
Lately, POLYX has been hovering around the lower bound of the wedge pattern.
In the 4-hour timeframe, POLYX has been bearish in the shape of a falling channel in red.
For the bulls to take over and start the next leg up, a breakout above the last major high at $0.255, marked in red, is needed.
Meanwhile, POLYX can still trade lower within the weekly support zone.
Turning our attention to DYM, it has been overall bearish, trading within the falling channel marked in blue.
For the bulls to take over, and shift the momentum from bearish to bullish, a break above the upper blue trendline and last major high at $1.8 is needed.
In such a scenario, a movement towards the $3.5 mark would be anticipated.
Next on the agenda is PYTH. It has been overall bearish, trading within the falling channel in red.
For the bulls to take over again, and start the next impulse movement towards $0.6, a break above the last major high $0.375 is needed.
Meanwhile, PYTH would remain bearish and can still dip towards $0.2 round number.
Analyzing KAS, it has been bullish from a long-term and medium-term perspectives, trading within the rising channels marked in orange and blue respectively.
Currently, KAS is hovering around the lower bound of the blue channel so we will be looking for trend-following buy setups.
In the 4-hour timeframe, for the next bullish impulse to start, a break above the last major high at $0.176 is needed.
Meanwhile, as KAS retests the lower blue trendline, we will be looking for new short-term buy setups.
After rejecting the $1 round number, SEI has been bearish from a long-term perspective.
However, SEI is currently rejecting a massive demand zone marked in blue around $0.25 so we will be looking for buy setups on lower timeframes.
In the daily timeframe, for the bulls to finally kick in and start the next bullish phase, a break above the neckline marked in orange at $0.395 is required.
Meanwhile, SEI would remain bearish and could still trade lower to test the weekly demand zone.
Quotes / Advices
If you're new to trading, I highly recommend focusing on horizontal support and resistance levels. They are the easiest to identify, draw, and trade.
First, find two failed attempts to break above or below a certain zone. Then, the next time the price retests this zone, anticipate a rejection.
And there you have it; now you know what to do!
Closing Remarks
In summary, USDT.D is testing the resistance range of 5.33% to 5.45%, while BTC is hovering around the $58,000 - $60,000 resistance zone.
Then we went over 5 altcoins:
POLYX: Bullish in the macro perspective within a giant wedge pattern. On the 4-hour timeframe, it is bearish within a falling channel. A breakout above $0.255 is needed for the next leg up.
DYM: Overall bearish within a falling channel. A break above $1.8 is needed to shift momentum to bullish.
PYTH: Bearish within a falling channel. A break above $0.375 is needed for bullish momentum towards $0.6.
KAS: Bullish in the long-term and medium-term within rising channels. A break above $0.176 is needed for the next bullish impulse.
SEI: Bearish long-term but currently rejecting a demand zone around $0.25. A break above $0.395 is needed for a bullish phase.
Check out our previous altcoins article.
