elcome to another crypto market outlook for the 16th of May!
In today's market analysis, we will delve into the current state of the crypto market. BTC is rejecting the $60,000 support level, while USDT.D remains overall bullish.
Furthermore, we will cover five altcoins (ONG, AR, WLD, PYTH, XEC), 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 my previous outlook, USDT.D rejected the 5.25% resistance level and traded lower.
We are now anticipating further bearish movement towards the lower boundary of the red channel which would have a positive impact on the entire crypto market.
In the 4-hour timeframe, as per our previous outlook, USDT.D is breaking below the last major low, marked in blue at 4.9%.
As long as the current low holds, we expect a bearish continuation towards the demand zone at 4.55%.
As anticipated, BTC rejected the $60,000 support level and is currently trading higher.
The bulls will remain in control as long as the $60,000 support level holds.
The bulls already took over following the break above the last major high, marked in orange at $63,500.
As long as the current high holds, we expect a bullish continuation towards the upper bound of the red channel at $68,000.
5 Altcoins Analysis
Let's start with ONG. After rejecting the $0.8 resistance level, ONG has been trading lower as a correction phase.
However, it is currently nearing a strong support zone marked in green, and the lower bound of the rising wedge pattern, so we will be looking for trend-following buy setups on lower timeframes.
In the 4-hour timeframe, for the bulls to take over and start the next upward impulse movement, a breakout above the last major high at $0.54, highlighted in red, is required.
In such a scenario, a movement towards the $0.7 mark would be anticipated.
Meanwhile, ONG would remain bearish and could still trade lower to test the daily support before trading higher.
Turning our attention to AR, from a long-term perspective, it has been trading within a wide range between the $23 support and $47 resistance.
From a medium-term perspective, AR has been overall bullish, trading within the rising channel marked in red.
For the bulls to maintain control and push towards the $60 mark, a break above the upper bound of the range at $47.65 is needed.
In parallel, as it retests the lower bound of the red channel, we will be looking for trend-following buy setups on lower timeframes.
Next on the agenda is WLD. It has been uneventful, trading within a narrow range in the shape of a flat rising channel marked in red.
Currently, WLD is hovering around the lower bound of the channel and $4.5 support level.
As long as the support holds, we will be expecting the bulls to kick in soon.
For the bulls to take over from a long-term perspective, and push towards the $10 mark, a break above the last major high at $6.5 is needed.
Analyzing PYTH, it has been overall bearish, particularly following its break below the $0.63 mark.
This week, PYTH is nearing a major support zone between $0.33 and $0.4. Thus, we will be looking for buy setups as long as this support holds.
In the 4-hour timeframe, PYTH has been bearish from a medium-term perspective, trading within the falling channel marked in red.
For the bulls to take control, a breakout above the last major high marked in red at $0.5 is needed.
XEC has been hovering within a big range, bounded by the $0.00004 support and $0.000063 resistance levels.
Currently, it is retesting the lower bound of the range, prompting us to search for buy setups on lower timeframes as long as the support holds.
In the 4-hour timeframe, XEC has been bearish, trading within a falling channel marked in red.
For the bulls to take control and initiate the next upward impulse movement, a breakout above the last major high marked in red at $0.00005 is required.
In such a scenario a movement towards the $0.00006 - $0.000063 resistance zone would be anticipated.
Quotes / Advices
Understanding market cycles is crucial for successful crypto trading.
Recognize the four phases: accumulation, uptrend, distribution, and downtrend.
Buy during the accumulation phase when sentiment is low and sell in the distribution phase when hype peaks.
Utilize technical analysis to identify these phases and set stop-loss orders to manage risk.
Closing Remarks
In summary, USDT.D is displaying bearish potential as it rejects resistance levels and aims lower, enhancing the overall crypto market's bullish outlook.
BTC maintains bullish momentum, defending the $60,000 support level with potential targets around $68,000.
ONG approaches strong support, suggesting possible buy setups, while AR trades within a bullish range, eyeing a breakout to $60.
WLD holds near its support level, presenting a bullish opportunity if help.
PYTH and XEC are near crucial support zones, providing potential buying opportunities as they aim for higher resistance levels.
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