elcome to another crypto market outlook for the 10th of April!
In today's market analysis, we will dive into the current state of the crypto market. BTC is facing rejection around the $70,000 zone, while USDT.D is hovering near the 4% support level.
Furthermore, we will cover five altcoins (CRGPT, FIL, BCUBE, HBAR, and OP), 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 anticipated in our previous analysis, USDT.D rebounded from the 4% support level and traded higher.
However, it is still trading within a narrow range, indicating a period of flat correction.
In the 4-hour timeframe, USDT.D has been consolidating within a symmetrical triangle pattern highlighted in red.
To initiate a bullish correction towards the 4.66% structure, the bulls need to break above the upper red trendline.
BTC is currently consolidating around a massive resistance level and the round number $70,000.
To maintain bullish momentum and potentially test the $80,000 resistance, the bulls require a weekly candle close above the $70,000 mark.
In the 4-hour timeframe, BTC has been trading within a rising channel outlined in red.
As long as the lower red trendline holds, we anticipate a potential bullish movement towards the previous all-time high at $73,900.
Furthermore, a breakout above $73,900 could lead to further upside momentum towards the upper boundary of the channel around $76,000.
5 Altcoins Analysis
Let's start with CRGPT. Following the rejection of the $0.8 demand zone, CRGPT surged by over 130%.
As its name implies, CryptoGPT is the ChatGPT for crypto. It's a new project not yet listed on exchanges.
CRGPT offers its holders more than just ownership of a digital asset; it provides access to a suite of AI services that enhance analytical, predictive, and trading strategies within the crypto space.
For the bulls to remain in control long-term, a break above the previous all-time high at $1.94 is needed.
In such a scenario, a continuation towards the upper bound of the channel at $2.5 would be expected.
In the 1-hour timeframe, CRGPT has been bullish from a short-term perspective, trading within the rising channel outlined in orange.
As long as the lower trendline holds, a continuation towards the upper boundary of the channel at $1.94 is anticipated.
Turning our attention to FIL. It has been overall bullish trading within a rising wedge pattern outlined in blue.
Currently, it is hovering within a big range between $7.5 and $10.0, forming a symmetrical triangle.
As it approaches the $7.5 support level, we will be on the lookout for potential trend-following buy setups.
In parallel, to maintain bullish momentum and aim for a move towards $15, a break above the $10 mark is needed.
Next on the agenda is BCUBE. It has been hovering around a significant demand zone and trendline, prompting us to look for buy setups.
BCUBE empowers crypto traders to thrive in any market conditions by offering an institutional-grade AI-driven platform, boasting over 25,000 registered users and managing over $7 million in connected AUM.
For the bulls to take control and initiate the next impulse movement aiming for $0.54, a breakout above the last major high marked in red at $0.31 is needed.
Analyzing HBAR, it has been overall bullish trading within the rising wedge pattern marked in blue.
As long as the $0.1 support level holds, we will be looking for trend-following buy setups on lower timeframes.
Should the $0.1 support be breached to the downside, we anticipate further bearish momentum towards the $0.085 support level and the lower blue trendline, where we will be looking for new buy setups.
In the 4-hour timeframe, for the bulls to take control, a breakout above the last major high marked in red at $0.112 is necessary.
OP has been overall bullish, trading within the rising wedge pattern marked in red.
After rejecting the upper boundary of the wedge pattern, OP has entered a correction phase.
Currently, it is testing a support level at $2.6, prompting us to search for trend-following buy setups on lower timeframes.
For the bulls to take control and initiate the next upward impulse movement, a breakout above the last major high marked in orange at $3.45 is required.
Quotes / Advices
When selecting a crypto AI project, research its team's expertise and track record.
Assess the project's whitepaper for technical depth and feasibility.
Look for transparency in their development process and community engagement.
Evaluate partnerships and collaborations for credibility.
Prioritize projects with real-world applications and clear use cases.
Closing Remarks
In summary, USDT.D rebounds from 4% support, poised for a bullish move towards 4.66% resistance, reflecting trader sentiment.
BTC consolidates around $70,000, requiring a breakout above $70,000 for bullish momentum towards $80,000.
CRGPT surged over 130%, needing a break above $1.94 for bullish continuation towards $2.50.
FIL trades within a range between $7.5 and $10.0, with a potential breakout above $10 for further gains towards $15.
BCUBE hovers around a significant demand zone, aiming for a breakout above $0.31 for bullish momentum towards $0.54.
HBAR shows bullish tendencies within a rising wedge pattern, with a potential breakout above $0.112 for further upside momentum.
OP corrects from rejecting upper boundaries and tests support at $2.6, with a breakout above $3.45 needed for bullish momentum.
