elcome to another crypto market outlook for the 8th of May!
In today's market analysis, we will delve into the current state of the crypto market. BTC is retesting the $60,000 support, while USDT.D remains overall bullish.
Furthermore, we will cover five altcoins (COTI, RNDR, JUP, ALPHA, RUNE), 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).
As per my previous outlook, USDT.D rejected the 5.25% - 5.45% resistance zone and traded lower.
We are now anticipating further bearish movement towards the lower boundary of the red channel.
In parallel, as USDT.D retests the 5.25% resistance, we expect the bears to resume control.
In the 4-hour timeframe, the bulls have already taken control after breaking above the last major high marked in blue at 4.93%.
As long as the bulls maintain their position, we expect a bullish correction towards the 5.25% mark.
BTC is currently retesting a strong support zone at $60,000 - $62,000, so we anticipate the bulls to kick in soon.
If the $60,000 support level is breached downward, we expect a continuation towards the $50,000 - $52,000 demand zone, which intersects with the lower red and orange trendlines.
For the bulls to regain control, a breakthrough above the last major high marked in red at $65,200 is needed.
Meanwhile, the bears are expected to maintain control, leading to further downward movement towards the $60,000 mark.
5 Altcoins Analysis
Let's start with COTI. After rejecting the $0.26 resistance level, COTI has been trading lower.
However, it is currently nearing a strong support zone marked in green, so we will be looking for buy setups on lower timeframes.
In the 4-hour timeframe, COTI has been hovering within a range in the shape of a symmetrical triangle outlined in red.
For the bulls to take over, a breakout above the last major high at $0.14, highlighted in red, is required.
In such a scenario, a movement towards the $0.24 mark would be anticipated.
Turning our attention to RNDR. As per our previous outlook, the bulls took over following the break above the last major high in red at $8.5.
Currently, RNDR is hovering around a resistance level at $10.6.
For the bulls to maintain control and push towards the previous all-time high at $13.5, a break above $10.6 is needed.
Meanwhile, RNDR may still decline to test the $8.5 structure before resuming its upward trajectory.
Next on the agenda is JUP. It has been uneventful, trading within a narrow range for almost an entire month.
For the bulls to take over and push towards the $1.65 mark, a break above the upper bound of the range at $1.23 is needed.
In parallel, if the lower bound of the range at $0.85 is breached downward, we anticipate a bearish continuation towards the $0.6 demand zone.
Analyzing ALPHA, it has been overall bearish, particularly following its break below the $0.14 mark.
This week, ALPHA is nearing a major support zone between $0.09 and $0.1. Thus, we will be looking for buy setups as long as this support holds.
In the 4-hour timeframe, ALPHA has been bearish from a medium-term perspective, trading within the falling channel marked in red.
For the bulls to take control, a breakout above the last major high marked in red at $0.116 is needed.
RUNE has been overall bullish from a long-term perspective trading within a big range, bounded by the $4 support and $10 resistance levels.
Currently, it is testing a strong support at $4.2, prompting us to search for buy setups on lower timeframes as long as the support holds.
In the 4-hour timeframe, RUNE has been bearish, trading within a falling channel marked in red.
For the bulls to take control and initiate the next upward impulse movement, a breakout above the last major high marked in red at $6 is required.
In such a scenario a movement towards the $7 - $7.5 supply zone would be anticipated.
Quotes / Advices
Trading in crypto is a relentless battle within oneself, not against the market or other traders.
It's a psychological war, where emotions clash with logic, greed wrestles with fear, and patience grapples with impulse decisions.
Success demands discipline, self-awareness, and a strategic mindset.
Every decision is a fight, every trade a battleground, where winning means not beating others, but understanding and controlling our own feelings and thoughts.
Closing Remarks
In summary, USDT.D is showing resistance at 5.25% - 5.45%, hinting at potential bearish movement, while BTC tests support at $60,000, with a possible continuation towards the $50,000 - $52,000 demand zone.
COTI nears a strong support zone, suggesting buy setups, while RNDR faces resistance at $10.6, indicating a corrective phase.
JUP remains range-bound but may turn bullish above $1.23 or bearish below $0.85.
ALPHA approaches major support at $0.09 - $0.1, offering buy setups, while RUNE tests support at $4.2, presenting buy opportunities if support holds.
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