elcome to another crypto market outlook for the 13th of March!
In today's market analysis, we will dive into the current state of the crypto market. BTC has surged to $73,000 after breaking through $68,000 while USDT.D continues to display a bearish trend, approaching a major support level at 3.75%.
Furthermore, we will cover five altcoins (DYM, BNB, QNT, JUP, and PYTH), 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 remains bearish within a falling orange channel. It's now diving inside a strong support zone between 3.75% and 4%.
The 3.75% - 4% zone presents a strong rejection as it intersects with the lower brown and orange trendlines, acting as non-horizontal support.
USDT.D will remain bearish unless the last major high, marked in orange at 4%, is broken upward.
In parallel, for the bears to maintain control from a long-term perspective, a break below the 3.75% support is needed.
This week, BTC surged above the $70,000 round number.
As long as the $70,000 support holds, we anticipate a continuation towards $80,000.
However, the $80,000 level and upper orange trendline create a strong rejection zone where bearish pressure may emerge.
In the 4-hour timeframe, the bulls will maintain medium-term control as long as BTC is trading within the rising wedge pattern outlined in blue.
If the last low at $68,500 is breached downward, we anticipate the start of a bearish correction, potentially leading to a movement towards the $62,000 support zone.
5 Altcoins Analysis
Let's start with DYM. After rejecting the $5.65 support, it has been bullish trading within the rising wedge pattern highlighted in blue.
For the bulls to maintain control from a long-term perspective, a breakout above the upper boundary of the range at $8.75 is necessary. In such a scenario, a continuation towards the $10 mark would be anticipated.
In parallel, if the lower blue trendline is breached downward, we would anticipate a bearish movement towards the $5.65 support level, where we will be looking for new buy setups.
Turning our attention to BNB. Following the breakout above the resistance at $363, BNB surged by 57%.
Currently, we anticipate a continuation towards the $650 resistance level.
In the Daily timeframe, the bulls will maintain control as long as the last low, highlighted in green at $520, holds.
If $520 is breached downward, we anticipate a bearish correction towards the $363 support level.
Next on the list for today is QNT. As per our previous analysis, QNT broke above the $130 resistance and traded higher to test the next resistance at $147.
For the bulls to maintain control long-term, a daily candle close above $150 is necessary.
In parallel, as QNT retests the $130 support, we will be looking for new short-term buy setups on lower timeframes.
Analyzing JUP, after breaking above the resistance at $0.65, it is now overall bullish.
As long as the support holds, a continuation towards the $1 round number is anticipated.
In the 1-hour timeframe, JUP has been bullish, trading within the red wedge pattern.
The bulls will maintain control unless the last low in red at $0.76 is broken downward.
In such a scenario, a bearish movement towards the $0.65 daily support is expected.
PYTH has been overall bullish, trading within the rising wedge pattern outlined in blue.
Currently, PYTH is testing the upper boundary of the wedge pattern and the $1 round number.
For the bulls to maintain control over the long term, a breakout above the $1 resistance level is required.
The bulls will maintain control unless the last low marked in red at $0.84 is breached to the downside.
If the last low is broken, a bearish movement towards the $0.7 support level can be anticipated.
Quotes / Advices
Discovering the next 10x gem in crypto requires thorough research and strategic thinking.
Diversify your portfolio, focusing on projects with strong fundamentals and unique use cases.
Assess the team's credibility and community engagement.
Stay cautious of hype-driven projects and utilize basic technical analysis for informed decisions.
Prioritize risk management and stay updated on regulatory changes.
Closing Remarks
In summary, USDT.D is trading within a robust support zone spanning 3.75% to 4%.
Despite BTC's rise above $70,000, resistance at $80,000 could lead to more selling pressure.
DYM shows bullish momentum within a rising wedge pattern, with a breakout above $8.75 indicating further upside potential towards $10.
BNB exhibits a 57% surge post-breakout, with a continuation towards $650 resistance anticipated.
QNT requires a daily candle close above $150 to sustain bullish control, while JUP remains bullish with a target of $1.
PYTH's bullish trend relies on breaking $1 resistance while staying above $0.84.
