Welcome to our latest crypto market outlook for November 20th!
The crypto market has been in a flat correction phase, making it an ideal condition to look for potential long opportunities. Which altcoins are you planning to buy? Here is my list: AERO, RIO, TIA, ALGO, and QTUM.
Today, we will cover the following topics:
- USDT.D and BTC Analysis
- 5 Altcoins Analysis
- Quotes / Advices
- Closing Remarks
USDT.D and BTC analysis
Even though USDT.D has been overall bearish, as mentioned in my last market outlook, it is still approaching a major support zone.
As USDT.D nears the lower boundary of the red falling wedge and the 4% support level, we can anticipate bullish activity to emerge.
The bears will remain in control unless the recent high at 4.37%, marked in orange, is broken to the upside.
Only then would a bullish correction be anticipated, which could lead to a bearish correction for crypto.
Bitcoin's bulls remain resilient, even as the cryptocurrency approaches the upper boundary of the orange channel, as noted in my previous BTC update.
If this bullish momentum persists, a movement toward the $100,000 mark is anticipated, representing a significant milestone for the crypto market.
We can clearly see that the bulls are exhausted, as the impulse movements are flattening while trading within the rising green channel.
However, the bears are not in control yet. For the bears to take over, a break below the recent low of $89,500 is required.
5 Altcoins Analysis
After breaking above the $1.00 mark, AERO has been trading within a broad range.
As it nears the lower boundary of this range, around $1.10, we are considering trend-following long positions.
AERO has been bearish in the short term, trading within the falling channel marked in red.
For the next bullish impulse to begin, a break above the last major high marked in red at $1.35 is required.
RIO is approaching an attractive support and the lower boundary of the long-term range that it has been trading within for a couple of months.
As long as the $0.52 support level holds, we will be on the lookout for bullish reversal setups as confirmation to go long.
Next is TIA. After being bearish for almost a year, TIA finally found support around the $4 round number.
TIA is now in an accumulation phase, waiting for the markup phase to start, which will be confirmed after a break above the upper boundary of the range at $7.
Analyzing ALGO, after breaking above the $0.15 resistance, it surged by over 50%.
Currently, ALGO is hovering around the $0.215–$0.23 resistance zone. For the bulls to remain in control long-term, a break above the $0.23 mark is needed.
In parallel, if the bears take over during a correction phase, we will be looking for trend-following longs as ALGO approaches the intersection of the orange trendline with the demand zone marked in red at $0.185.
Finally, looking at QTUM, as mentioned in our last altcoins article, it confirmed the start of the markup phase after breaking above the upper boundary of the accumulation phase at $2.8.
QTUM has been trading within the rising wedge marked in orange lately, signaling that the bulls are in control.
As long as the $2.8 support level holds, we will be looking for trend-following longs as it retests the lower boundary of the wedge.
Quotes / Advices
I always laugh at people who say, ‘I’ve never met a rich technician.’ I love that! It’s such an arrogant, nonsensical response. I used fundamentals for nine years and got rich as a technician.
~ Martin Schwartz
Closing Remarks
In summary, USDT.D nears the 4% support zone, signaling potential bullish activity, while BTC shows resilience and eyes the $100,000 milestone.
AERO trades near $1.10 after breaking above $1.00, needing a breakout above $1.35 for bullish momentum, while short-term bearish trends persist.
RIO holds key support at $0.52, with bullish reversals expected if this level holds.
TIA found support at $4 and is in an accumulation phase, with a breakout above $7 signaling a markup phase.
ALGO surged 50% past $0.15, facing resistance at $0.215–$0.23, with long opportunities near $0.185.
QTUM confirmed a markup phase above $2.80 and remains bullish as long as $2.80 support holds.
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