elcome to another crypto market outlook for the 24th of April!
In today's market analysis, we will dive into the current state of the crypto market. BTC is facing rejection around the $67,500 zone, while USDT.D is hovering near the 5% resistance level.
Furthermore, we will cover five altcoins (DYDX, GRT, RAY, IOTA, and ARPA), 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 rejected from the 5% resistance level and traded lower.
However, it is still trading within a narrow range, indicating a period of flat correction.
In the 4-hour timeframe, for the bears to maintain control, which would be bullish for the crypto market, a break below the last major low, indicated in blue at 4.54%, is required.
Meanwhile, USDT.D can potentially continue trading higher to test the upper orange trendline before retracing lower.
As anticipated in our previous outlook, BTC rejected the $60,000 support zone and traded higher.
To maintain bullish momentum from a long-term perspective, and potentially test the $80,000 resistance, the bulls require a weekly candle close above the $74,000 mark.
In the 4-hour timeframe, BTC is currently hovering around a major structure marked in orange.
For the bulls to remain in control, and potentially trading higher towards $71,000, a break above the last major high at $67,000 is required.
5 Altcoins Analysis
Let's start with DYDX. It has been overall bullish from a long-term perspective trading within the flat rising channel marked in red.
Currently, DYDX is hovering near the lower bound of the channel and a strong support at $2, so we will be looking for buy setups on lower timeframes.
In the 4-hour timeframe, DYDX has been bearish from a short-term perspective, trading within the falling channel outlined in orange.
For the bulls to take over, and for the next impulse movement to start, a breakout above the last major high at $2.53, highlighted in orange, is required.
Turning our attention to GRT. It has been overall bullish trading above the rising trendline outlined in orange.
Currently, GRT is undergoing a corrective phase from a short-term perspective, trading within the descending channel highlighted in red.
For the bulls to take over, and start the next impulse movement upward, a break above the upper red trendline and $0.31 resistance is needed.
Meanwhile, GRT may still decline to test the $0.2 support level before resuming its upward trajectory.
Next on the agenda is RAY. It has been bullish trading within the rising wedge pattern marked in red.
For the bulls to take control and initiate the next impulse movement aiming for $2.8, a breakout above the last major high marked in blue at $2 is needed.
Meanwhile, as RAY approaches the lower red trendline and $1.3 support level, we will be looking for short-term buy setups on lower timeframes.
Analyzing IOTA, it has been hovering within a big range between the $0.2 support and $0.33 resistance.
This week, IOTA rejected the lower bound of the range, providing us with potential buying opportunities on lower timeframes.
In the 4-hour timeframe, IOTA 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 $0.27 is necessary.
ARPA has been overall bullish, trading within the rising wedge pattern marked in blue.
Currently, it is testing the lower bound of the wedge pattern, 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 red at $0.0815 is required.
Quotes / Advices
Networking is crucial in crypto trading. Engage with communities on platforms like Reddit, Discord, and Twitter to stay updated on market trends and sentiments.
Join forums and attend conferences to learn from experienced traders.
Network within blockchain projects to gain early insights.
Remember, in crypto, information is power, and your network can be your greatest asset.
Closing Remarks
In summary, USDT.D shows resilience after rejecting the 5% resistance, indicating continued trader optimism.
BTC remains stable around $67,000, awaiting a breakout above $71,000 for potential bullish momentum towards $80,000.
DYDX presents a bullish long-term outlook, with a breakout above $2.53 signaling further upside towards $3.
GRT consolidates within a descending channel, awaiting a breakout above $0.31 for bullish continuation towards $0.35.
RAY trades within a rising wedge pattern, requiring a breakout above $2 for sustained bullish momentum towards $2.8.
IOTA demonstrates resilience around $0.2 support, with a breakout above $0.27 needed for upward movement towards $0.33.
ARPA shows strength within a rising wedge, aiming for a breakout above $0.0815 for bullish continuation towards $0.10.
