Crypto Market Outlook - 12th Of June 2024

elcome to another crypto market outlook for the 12th of June!

In today's market analysis, we will delve into the current state of the crypto market. BTC is rejecting the $72,000 resistance level, while USDT.D is hovering around a support level at 4.51%.

Furthermore, we will cover five altcoins (OP, THETA, CYBER, DATA, ETHFI), 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).

USDT.D is rejecting a strong supply zone marked in orange at 4.8%. As long as the supply zone holds, we anticipate further bearish movement towards the support level at 4.24%.

In parallel, if the 4.8% mark is broken upward, a continuation towards the 5.25% resistance zone is anticipated.

In the 4-hour timeframe, USDT.D is currently hovering around a strong structure marked in blue at 4.51%.

If the 4.51% mark is broken downward, a continuation towards the lower bound of the green wedge pattern is anticipated, which would be bullish for the crypto market.

BTC is still hovering within a wide range in the shape of a flat falling channel and is currently rejecting the upper bound and the $72,000 - $74,000 resistance zone.

For the bulls to maintain long-term control and push towards the $80,000 mark, a break above the resistance at $74,000 is needed.

As per our previous outlook, BTC rejected the $72,000 resistance level and traded lower.

For the bears to maintain control and push towards the $62,000 support level, a break below the last major low marked in red at $65,950 is needed.

Meanwhile, BTC could remain bullish and still test the $72,000 - $74,000 resistance zone.

‍5 Altcoins Analysis

‍Let's start with OP. It has been overall bullish, trading within the rising wedge pattern marked in red.

Currently, OP is retesting the lower bound of the wedge pattern, so we will be looking for trend-following buy setups on lower timeframes as long as the support level at $1.8 holds.

In the 4-hour timeframe, OP has been overall bearish trading within the falling trendline marked in orange.

For the bulls to take over and start the next upward impulse movement, a breakout above the upper orange trendline and the last major high at $2.43, highlighted in orange, is needed.

In such a scenario, a movement towards the $3 round number would be anticipated.

Turning our attention to THETA, it has been hovering within a wide range between the $1.7 support and $2.6 resistance levels.

Currently, THETA is hovering around the lower bound of the range.

As long as the $1.7 support level holds, we will be looking for buy setups on lower timeframes.

Next on the agenda is CYBER. It has been overall bearish, especially after breaking below the $9.5 mark.

However, CYBER is approaching a massive support zone marked in green.

As long as the support level at $6.3 holds, we anticipate a bullish continuation towards the $9 mark.

Analyzing DATA, it has been overall bearish, particularly after rejecting the $0.07 resistance level.

Currently, DATA is hovering around a massive support zone at the round number $0.05. Therefore, we will be looking for buy setups on lower timeframes.

In the 4-hour timeframe, DATA has been overall bearish from a medium-term perspective.

For the bulls to regain control, a break above the structure, marked in red, at $0.0565 is needed.

ETHFI has been hovering within a wide range between the $3 support and $5 resistance levels.

Currently, ETHFI is near the lower bound of the range, so we will be looking for buy setups on lower timeframes as long as the $3 support level holds.

In the 4-hour timeframe, for the bulls to take control and initiate the next upward impulse movement, a breakout above the last major high marked in gray at $4.2 is required.

In such a scenario a movement towards the $5 round number would be anticipated.

Quotes / Advices

‍Crypto trading is safer than offline investments due to its transparency, global accessibility, and advanced security measures like blockchain technology, which ensures data integrity and reduces fraud.

Online platforms provide real-time market analysis, instant transactions, and diversified portfolios, enhancing investment opportunities

Additionally, decentralized exchanges minimize third-party risks, and robust encryption protects assets, making crypto trading a more secure and efficient investment option.

‍Closing Remarks

‍In summary, USDT.D remains overall bearish, with potential bullish activity if it holds the support zone around 4.24%.

BTC is approaching resistance at $72,000 - $74,000; a breakthrough could push towards $80,000.

OP shows potential buy setups above $1.8 support, targeting $3 upon breaking $2.43 resistance.

THETA hovers near the $1.7 support zone with bullish potential upon breaking resistance at $2.6.

CYBER nears a massive support zone with anticipated bullish continuation towards $9 if $6.3 support holds.

DATA struggles near $0.05 support, with buy setups upon breaking $0.0565 resistance.

ETHFI nears $3 support, with potential buy setups targeting $5 upon breaking $4.2 resistance.