elcome to another crypto market outlook for the 29th of May!
In today's market analysis, we will delve into the current state of the crypto market. BTC is hovering within a narrow range between $66,000 and $70,000, while USDT.D remains overall bearish.
Furthermore, we will cover five altcoins (ZRX, GSTOP, HIFI, GFAL, SUI), 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 overall bearish and is currently approaching the lower bound of the range around 4% - 4.2%.
As USDT.D approaches this support zone, we expect a shift in momentum from bearish to bullish.
In the 4-hour timeframe, USDT.D has been overall bearish, trading within the falling channel marked in green.
The bears will remain in control unless the upper trendline and the last major high, marked in orange at 4.62%, are broken upward.
As anticipated, BTC rejected the $72,000 - $74,000 resistance zone and is currently trading lower.
For the bulls to regain control and push towards the $80,000 mark, a break above the resistance at $74,000 is needed.
As per our previous outlook, the bears have already taken over in the short-term after breaking below the last low marked in red.
Currently, BTC is in a correction phase and retesting the lower bound of the orange channel.
As long as the $66,000 support holds, we will be looking for short-term buy setups on lower timeframes.
5 Altcoins Analysis
Let's start with ZRX. It has been overall bullish, trading above the red trendline.
Currently, ZRX is retesting a strong support zone at $0.45 - $0.50, so we will be looking for trend-following buy setups on lower timeframes.
In the 4-hour timeframe, XVG has been hovering within a range in the shape of an inverse head and shoulders pattern.
For the bulls to take over and start the next upward impulse movement, a breakout above the neckline at $0.64, highlighted in orange, is required.
In such a scenario, a movement towards the $1 mark would be anticipated.
Turning our attention to GSTOP, it has been trading within a wide range between the $0.0025 support and $0.0045 resistance.
Currently, it is overall bearish, trading within the falling channel marked in red.
For the bulls to take over and start the next impulse movement leading to the $0.0045 mark, a break above the upper red trendline is needed.
Next on the agenda is HIFI. It has been overall bullish, trading within the rising channel marked in blue.
Currently, HIFI is hovering around the lower bound of the channel, so we will be looking for trend-following buy setups.
For the bulls to gain control and start the next impulse movement leading to the $1.5 mark, a break above the $0.9 resistance level, marked in red, is needed.
Analyzing GFAL, it has been overall bearish, particularly following its break below the $0.03 mark.
Currently, GFAL is nearing a massive demand zone support zone at $0.015. Thus, we will be looking for buy setups on lower timeframes.
In the 4-hour timeframe, GFAL has been overall bearish from a short-term perspective, trading within the falling channel marked in red.
To regain control, the bulls need to break above the upper red trendline and the last major high marked in red at $0.0195.
SUI has been hovering within a wide range between the $0.8 support and $1.5 resistance levels.
Currently, SUI is near the lower bound of the range, so we will be looking for buy setups on lower timeframes as long as the $0.8 support level holds.
In the 4-hour timeframe, SUI has been stuck within a range in the shape of an inverse head and shoulders.
For the bulls to take control and initiate the next upward impulse movement, a breakout above the neckline marked in orange at $1.175 is required.
In such a scenario a movement towards the $1.4 - $1.5 resistance zone would be anticipated.
Quotes / Advices
To trade like a pro, start by conducting thorough research on coins and market trends.
Develop a clear strategy, including entry and exit points, and stick to it.
Use technical analysis tools and stay updated with news and market events.
Manage risks by diversifying your portfolio and setting stop-loss orders.
Continuously educate yourself and stay disciplined to make informed, emotion-free decisions.
Closing Remarks
In summary, USDT.D remains overall bearish, with potential bullish activity if it holds the support zone around 4% - 4.2%.
BTC is approaching resistance at $72,000 - $74,000; a breakthrough could push towards $80,000.
ZRX shows potential buy setups above $0.45 - $0.50 support, while GSTOP struggles near resistance.
HIFI nears major support, with buy setups anticipated.
GFAL hovers near a massive demand zone at $0.015, with bullish potential upon breaking resistance at $0.0195.
SUI nears the lower bound of its range at $0.8, with potential buy setups as long as support holds.
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