elcome to another crypto market outlook for the 5th of June!
In today's market analysis, we will delve into the current state of the crypto market. BTC is hovering within a narrow range around the $70,000 resistance level, while USDT.D remains overall bearish, heading towards 4%.
Furthermore, we will cover five altcoins (TRADE, NOT, RBN, ORDS, PAAL), 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 is still in a bearish trend and is nearing the lower end of its range, approximately 4% to 4.2%.
As it reaches this support zone, we anticipate a shift in momentum from bearish to bullish.
As per our previous outlook, USDT.D rejected the upper bound of the channel and is currently trading lower.
As long as the bears maintain control, we anticipate a continuation towards the daily support at 4.24%, which would have a positive impact on the crypto market.
BTC is still hovering within a wide range in the shape of a flat falling channel and is currently retesting the upper bound and the $72,000 - $74,000 resistance zone.
For the bulls to maintain long-term control and push towards the $80,000 mark, a break above the resistance at $74,000 is needed.
As per our previous outlook, BTC rejected the lower bound of the rising orange channel and the $66,400 structure.
Moreover, the last major high marked in red at $69,500 has been broken upward, so we anticipate a continuation towards the $73,000 mark.
5 Altcoins Analysis
Let's start with TRADE. It has been hovering within a broad range between $0.8 support and $1.7 resistance.
Currently, TRADE is retesting the lower bound of the range, so we will be looking for trend-following buy setups on lower timeframes as long as the support holds.
In the 4-hour timeframe, TRADE has been overall bearish trading within the falling trendline marked in red.
For the bulls to take over and start the next upward impulse movement, a breakout above the last major high at $1.17, highlighted in red, is required.
In such a scenario, a movement towards the $1.7 mark would be anticipated.
Turning our attention to NOT, it has been hovering within a wide range in the shape of a symmetrical triangle.
As it approaches the demand zone marked in green and the lower blue trendline, we will be looking for trend-following buy setups.
In parallel, for the bulls to take over and start the next impulse movement leading to a new all-time high, a break above the upper red trendline and the last major high marked in red at $0.025 is needed.
Next on the agenda is RBN. It has been overall bullish from a long-term perspective, trading above the rising trendline marked in blue.
Currently, RBN is rejecting a massive demand zone marked in green. As long as this demand holds, we anticipate a bullish continuation towards the $1.6 mark.
For the bulls to gain control and start the next impulse movement, a break above the last major high marked in red at $1.12 is needed.
Analyzing ORDS, it has been overall bearish, particularly following its break below the $0.1 round number.
Currently, ORDS is hovering around a massive support zone at the round number $0.05. Therefore, we will be looking for buy setups on lower timeframes.
In the 4-hour timeframe, ORDS has been overall bearish from a medium-term perspective, trading within the falling channel marked in red.
For the bulls to regain control, they need to break above the upper red trendline and the last major high marked in red at $0.072.
PAAL has been hovering within a wide range between the $0.275 support and $0.51 resistance levels.
Currently, PAAL is near the lower bound of the range, so we will be looking for buy setups on lower timeframes as long as the $0.275 support level holds.
In the 4-hour timeframe, PAAL has been bearish trading within the falling channel marked in red.
For the bulls to take control and initiate the next upward impulse movement, a breakout above the neckline marked in red at $0.39 is required.
In such a scenario a movement towards the $0.5 round number would be anticipated.
Quotes / Advices
To fully benefit from the 2024-2025 crypto bull run, stay informed about market trends and emerging technologies.
Diversify your investments across promising projects and stable assets.
Use technical analysis to identify entry and exit points, and employ risk management strategies.
Stay updated with regulatory changes and market news.
Consider staking and yield farming for additional gains, and continuously review and adapt your portfolio to maximize returns.
Closing Remarks
In summary, USDT.D remains overall bearish, with potential bullish activity if it holds the support zone around 4% to 4.2%.
BTC is approaching resistance at $72,000 - $74,000; a breakthrough could push towards $80,000.
TRADE shows potential buy setups above $0.8 support, targeting $1.7 upon breaking $1.17 resistance.
NOT hovers near the demand zone with bullish potential upon breaking resistance at $0.025.
RBN nears a massive demand zone with anticipated bullish continuation towards $1.6 if $1.12 resistance is broken.
ORDS struggles near $0.05 support, with buy setups upon breaking $0.072 resistance.
PAAL nears $0.275 support, with potential buy setups targeting $0.51 upon breaking $0.39 resistance.
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