elcome to another crypto market outlook for the 28th of February!
In today's market analysis, we will delve into the current state of the cryptocurrency market. BTC surged by 26% in the past four days, while USDT.D is approaching a crucial support level at 4%.
Furthermore, we will cover five altcoins (LINK, XRP, SHIB, AGIX, and TIA), emphasizing 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 broke below our 5% support. In line with our expectations from last week, a bearish continuation towards the 4% support is anticipated.
The 4% zone presents a strong rejection point as it intersects with the lower brown trendline, acting as a non-horizontal support.
As USDT.D approaches the 4%, we will be on the lookout for potential bullish reversal setups to confirm the rejection.
Meanwhile, USDT.D would remain overall bearish, and we anticipate a continuation towards the 4% support level, which would have a positive impact on the overall crypto market.
After breaking above the $50,000 resistance, BTC surged by 26% in just 4 days.
However, BTC is currently hovering around the upper bound of the wedge pattern, which serves as an overbought zone.
In the 1-hour timeframe, the bulls will maintain short-term control as long as BTC is trading within the rising channel outlined in red.
If the last low at $58,600 is breached downward, we anticipate the start of a bearish correction, potentially leading to a movement towards the $52,000 demand zone.
5 Altcoins Analysis
Let's start with LINK. It has been overall bullish, trading within the rising channel outlined in green.
As LINK approaches the lower green trendline and $17 support level, we will be looking for trend-following buy setups on lower timeframes.
In parallel, for the bulls to maintain control and take over from a long-term perspective, a break above the last major high at $20.9 is required.
In such a scenario, we anticipate a continuation towards the $25 mark.
Turning our attention to XRP. It has been overall bullish trading within the flat rising wedge pattern in orange.
Currently, XRP is hovering around the lower bound of the wedge pattern and $0.5 support zone.
As long as the $0.47 support holds, we will be looking for trend-following buy setups on lower timeframes.
In the daily timeframe, XRP has been undergoing a correction phase, trading within the descending red channel.
For the bulls to take control, and shift the momentum from bearish to bullish, a break above the previous major high at $0.6 is required.
Next on the list for today is SHIB. As per our previous analysis, SHIB rejected the support zone highlighted in red and traded higher.
Today, SHIB faced rejection at the $0.000012 resistance level highlighted in blue.
For the bulls to maintain control, a daily candle close above $0.000012 is necessary.
In parallel, as SHIB retests the $0.00001 round number, we will be looking for new short-term buy setups on lower timeframes.
Analyzing AGIX, it is currently retesting its previous all-time high at $0.667.
As long as the $0.666 support level holds, we anticipate a continuation towards the $1 round number.
For the bulls to take full control again and initiate the next bullish impulse movement, a break above the last major high in orange at $0.794 is needed.
In parallel, if the $0.667 level is broken downward, we will expect a bearish correction to occur, potentially leading to a movement towards the $0.54 demand zone highlighted in red.
TIA has been trading within a tight range between $13.8 and $20.
As long as the $13.8 support remains intact, we'll be on the lookout for trend-following buy setups on lower timeframes.
For the bulls to seize control and initiate the next upward impulse, a breakout above the last major high marked in red at $17.3 is necessary.
Meanwhile, TIA could still dip lower to retest the orange support level.
Quotes / Advices
Just because Bitcoin is approaching its all-time high doesn't mean you should jump in without a plan.
Avoid making impulsive decisions driven by emotions like fear of missing out.
Trading can be stressful, especially during volatile times.
Stay calm, stick to your trading plan, and avoid making emotional decisions.
Remember that markets go through cycles, and there will always be opportunities for profitable trades.
Closing Remark
In summary, USDT.D broke below the 5% support, signaling a bearish continuation towards the 4% support level.
BTC surged after breaking above $50,000 resistance but is now in an overbought zone, potentially facing a bearish correction if it breaches the $58,600 support.
LINK: Buy near $17 support, bullish above $20.9.
XRP: Potential buys near $0.47 support, bullish above $0.6.
SHIB: Resistance at $0.000012, bullish above, short-term buys near $0.00001.
AGIX: Testing $0.667, bullish above, potential correction below, support at $0.666.
TIA: Buy near $13.8, bullish above $17.3.
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