elcome to another crypto market outlook for the 6th of March!
In today's market analysis, we will dive into the current state of the crypto market. BTC surged to $69,000 post-breakout above $60,000, USDT.D remains bearish, approaching a significant support level at 4%.
Furthermore, we will cover five altcoins (MKR, AGIX, QNT, DOGE, and WLD), 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 remains bearish within a falling orange channel. It's now approaching a strong support level at 4%
The 4% zone presents a strong rejection as it intersects with the lower brown and orange trendlines, acting as non-horizontal support.
USDT.D will remain bearish unless the last major high, marked in red at 4.55%, is broken upward.
Meanwhile, as USDT.D declines within the support zone of 3.75% to 4%, we can anticipate bullish activity from a short-term perspective.
After breaking above the $60,000 resistance, BTC surged by 15% to reach $69,000, making a new all-time high.
For the bulls to remain in control from a long-term perspective, a break above $69,000 is required.
In the 4-hour timeframe, the bulls will maintain medium-term control as long as BTC is trading within the rising wedge pattern outlined in red.
From a short-term perspective, if the last low at $65,500 is breached downward, we anticipate the start of a bearish correction, potentially leading to a movement towards the $60,000 support zone.
5 Altcoins Analysis
Let's start with MKR. It has been trading within a narrow range highlighted in red.
For the bulls to maintain control, a breakout above the upper boundary of the range at $2270 is necessary. In such a scenario, a continuation towards the $2600 mark would be anticipated.
In parallel, if the lower boundary of the range is breached downward, we would anticipate a bearish movement towards the $1650 support level, where we will be looking for new buy setups.
Turning our attention to AGIX. Following the breakout above the previous all-time high at $0.667, AGIX surged by 55%.
Currently, AGIX is hovering around the $1 round number.
For the bulls to maintain long-term control, a breakthrough above $1.04 is necessary.
In the 1-hour timeframe, the bulls will maintain control as long as the last low, highlighted in red at $0.86, holds.
If $0.86 is breached downward, we anticipate a bearish correction towards the $0.7 support level.
Next on the list for today is QNT. As per our previous analysis, QNT broke above the $115 resistance and traded higher to test the next resistance at $130.
This week, QNT has been trading within a range bounded by our $115 support and $130 resistance levels.
For the bulls to maintain control long-term, a daily candle close above $130 is necessary.
In parallel, as QNT retests the $115 support, we will be looking for new short-term buy setups on lower timeframes.
Analyzing DOGE, as per our last analysis, it broke above the $0.1 - $0.12 resistance zone and surged by 70%.
For the bulls to establish control from a macro perspective, a daily candle closing above $0.2 is required.
Meanwhile, as it retests the $0.12 support, we will be looking for trend-following buy setups.
In the 1-hour timeframe, DOGE has been bullish, trading above the green trendline, which acts as a non-horizontal support.
After breaking below the gray low, DOGE is currently in a correction phase.
Thus, as it approaches the green trendline again, we will be seeking trend-following buy setups.
After breaking above the $4.5 - $5 resistance zone, WLD traded higher in a parabolic manner.
Currently, WLD is undergoing a correction phase, so we will be looking for trend-following buy setups on lower timeframes.
For the bulls to take control and initiate the next upward impulse, a breakout above the last major high marked in red at $7.85 is needed.
Meanwhile, WLD could still dip lower to retest the green support zone.
Quotes / Advices
To avoid FOMO in crypto trading, set clear goals, conduct thorough research, and develop a trading strategy with predefined entry and exit points.
Use dollar-cost averaging, implement stop-loss orders, and stay informed without overexposure to market news.
Practice patience, avoid emotional trading, and diversify your portfolio to mitigate risk.
Focus on long-term growth rather than short-term gains, and remember to stick to your plan to avoid impulsive decisions.
Closing Remarks
In summary, USDT.D remains bearish, approaching a major support level at 4% while BTC surged to $69,000 post-breakout above $60,000.
MKR: Trapped in a range, break above $2270 or risk downside towards $1650.
AGIX: Bullish momentum after surpassing $0.667, long-term control sought above $1.04.
QNT: Testing crucial levels at $130 resistance and $115 support.
DOGE: Requires a daily close above $0.2 for macro control, support at $0.12.
WLD: Currently in a correction phase, a breakout above $7.85 is pivotal.
