elcome to another crypto market outlook for the 28th of March!
In today's market analysis, we will dive into the current state of the crypto market. BTC is hovering around a massive resistance at $70,000, while USDT.D is retesting the 4% support level.
Furthermore, we will cover five altcoins (LRC, MINA, PANDORA, ARB, and ORN), 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 has been hovering within a narrow range, and it is currently retesting the 3.75% - 4% support zone.
As long as the 3.75% support holds, we anticipate the bulls to kick in and push the price higher.
For the bulls to take over and shift the momentum from bearish to bullish, a breakout above the last major high at 4.24% is required.
Meanwhile, USDT.D could remain bearish and might still fall within the 3.75% - 4% support zone.
After rejecting the $60,000 support, BTC surged by 17%, and it is currently hovering around the $70,000 resistance.
For the bulls to maintain control and test the $80,000 resistance, a breakout above the $70,000 mark is needed.
As per our previous analysis, BTC broke above the last major high marked in blue and traded higher.
For the bulls to maintain control and initiate the next impulse phase, a breakout above the last minor high at $71,600 is needed.
5 Altcoins Analysis
Let's begin with LRC. It is currently rejecting a strong support at $0.35.
As long as the support holds, we will be looking for trend-following buy setups.
For the bulls to take over, a breakout above the last major high marked in red at $0.43 is necessary.
In such a scenario, a movement towards the $0.53 resistance would be expected.
Turning our attention to MINA. It has been overall bullish trading within the rising channel in red.
Currently, it is approaching the lower bound of the channel, so we will be looking for buy setups on lower timeframes.
In the 4-hour timeframe, for the bulls to take control, a breakout above the last major high marked in blue at $1.345 is necessary.
Meanwhile, MINA would maintain an overall bearish outlook and could still trade lower to test the lower red trendline.
Next on the list for today is PANDORA. It has been overall bearish trading within the falling wedge pattern marked in red.
This week, PANDORA has been hovering within a narrow range between $10,000 and $15,000.
For the bulls to take control, a breakout above the last major high at $15,000 is necessary.
In such a scenario, a movement towards the next resistance at $21,500 would be expected.
Analyzing ARB, it has been hovering within a large range between $1.35 and $1.8.
As long as the $1.8 resistance holds, we anticipate further bearish movement towards the $1.35 support.
In parallel, for the bulls to take over and shift the momentum from bearish to bullish, a breakout above the last major high at $1.8 is needed.
ORN has been overall bullish trading within the rising channel in red.
Currently, ORN is testing the lower boundary of the channel, so we will be looking for trend-following buy setups on lower timeframes.
For the bulls to assume control and initiate the next upward impulse movement, a breakout above the last major high marked in blue at $2.57 is required.
Quotes / Advices
Crypto trading, like any other profession, demands expertise, discipline, and constant learning.
It requires strategic decision-making, risk management, and emotional resilience.
Just as in traditional professions, success is driven by knowledge, experience, and adaptability to market conditions.
Traders must stay updated on industry trends, employ effective strategies, and maintain a balanced approach to achieve long-term profitability.
Like professionals in any field, crypto traders face challenges and opportunities that require dedication and skill to navigate.
Closing Remarks
In summary, USDT.D remains within a narrow range, retesting a support zone between 3.75% and 4%, indicating potential bullish momentum if support holds.
BTC surged after rejecting $60,000 support, hovering around $70,000 resistance, with a breakout needed for further bullish momentum, targeting $80,000.
LRC rejects support at $0.35, eyeing a breakout above $0.43 resistance for a move towards $0.53.
MINA trades within a rising channel, with support near $1.345 on the 4-hour timeframe.
PANDORA hovers within a narrow range between $10,000 and $15,000, awaiting a breakout above $15,000 resistance for a move towards $21,500.
ARB trades within a range between $1.35 and $1.8, with further bearish movement expected if $1.8 resistance holds.
ORN tests the lower boundary of a rising channel, eyeing a breakout above $2.57 resistance for further bullish momentum.
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