elcome to another crypto market outlook for the 26th of June!
In today's market analysis, we will delve into the current state of the crypto market. BTC is diving within critical support, while USDT.D is hovering around a resistance zone!
Furthermore, we will cover five altcoins (FTM, XRP, THETA, MDT, BCH), 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 outlook, USDT.D has been bullish following the break above the structure marked in orange at 4.8%.
Currently, USDT.D is approaching a strong resistance zone between 5.25% and 5.45%.
In the 4-hour timeframe, USDT.D has been bullish trading within the rising channel marked in red.
The bulls will remain in control unless the last major low at 5% is broken downward. In such a scenario, a bearish movement towards the support marked in orange at 4.8% would be anticipated.
As per our previous outlook, BTC has been overall bearish, trading within the falling channel marked in blue.
However, it is currently hovering around a strong support zone between $58,000 and $60,000. As long as the support holds, the bulls still have the potential to kick in.
In the 4-hour timeframe, BTC has been bearish from a medium-term perspective, trading within the falling wedge pattern marked in blue.
For the bulls to regain control and start the next impulse movement upward, a break above the last major high marked in blue at $63,000 is needed.
5 Altcoins Analysis
Let's start with FTM. It has been overall bearish, trading within a big falling wedge pattern marked in orange.
Currently, FTM is hovering around a strong support zone, so we will be looking for trend-following buy setups on lower timeframes as long as the support level at $0.5 holds.
In the 4-hour timeframe, FTM has been overall bearish.
For the bulls to take over and start the next upward impulse movement, a breakout above the last major high at $0.635, highlighted in red, is needed.
In such a scenario, a movement towards the upper bound of the orange wedge pattern would be anticipated.
Turning our attention to XRP, it has been hovering within a broad range between the $0.435 support and $0.8 resistance levels.
Currently, XRP is hovering around the lower bound of the range, forming a smaller range.
As long as the $0.435 support level holds, we anticipate a bullish continuation towards the upper bound of the range.
Next on the agenda is THETA. It has been overall bearish, trading within the falling wedge pattern marked in orange.
Currently, THETA is hovering between the $1 support and $2 resistance levels.
For the bulls to take over and shift the momentum, a break above the upper orange trendline and the $2 round number is needed.
Meanwhile, THETA remains overall bearish and can still trade lower to test the $1 support level.
Analyzing MDT, it has been overall bullish from a long-term perspective, trading within the rising broadening wedge patterns marked in blue and orange.
Currently, MDT is in a correction phase and hovering around the lower bound of the blue wedge pattern, so we will be looking for trend-following buy setups on lower timeframes.
In the daily timeframe, MDT has been overall bearish from a short-term perspective, trading within the falling channel marked in red.
For the bulls to regain control, a break above the last major high, marked in red, at $0.065 is needed.
In such a scenario, a movement towards the $0.1 round number would be anticipated.
BCH has been overall bullish from a long-term perspective, trading within the flat rising wedge pattern marked in blue.
Currently, BCH is approaching the lower bound of the wedge, so we will be looking for buy setups on lower timeframes.
In the 4-hour timeframe, BCH has been hovering within a narrow range, forming 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 $402 is needed.
Meanwhile, BCH would remain bearish and could still trade lower to test the $300 round number.
Quotes / Advices
Trading crypto professionally involves thorough research, risk management, and emotional discipline.
Start by understanding market trends and technical analysis. Diversify your portfolio to mitigate risks and set clear goals with stop-loss and take-profit levels.
Stay informed about news and regulatory changes.
Keep emotions in check by sticking to your strategy and avoiding impulsive decisions.
Continuous learning and adapting to market changes are key to long-term success.
Closing Remarks
In summary, USDT.D remains overall bullish, with potential bearish activity if it breaks below the 5% support level.
BTC is approaching support at $58,000; a breakthrough above $63,000 could push towards $70,000.
FTM shows potential buy setups above the $0.5 support, targeting $0.635 upon breaking the resistance.
XRP hovers near the $0.435 support zone with bullish potential upon breaking resistance at $0.8.
THETA nears a strong support zone between $1 and $2, with anticipated bullish continuation towards $2 if support holds.
MDT struggles near the lower bound of its channel, with buy setups upon breaking $0.065 resistance.
BCH nears $300 support, with potential buy setups targeting $402 upon breaking the inverse head and shoulders neckline.
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