Welcome to our latest crypto market outlook for November 27th!
The bull run is finally confirmed, with almost every altcoin breaking above a major high or resistance. Which altcoins are you currently holding or planning to hold? Here is my watchlist: FIL, PENDLE, OP, KSM, and MKR.
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 anticipated in our previous market update, USDT.D was rejected at the lower boundary of the red wedge pattern and has been trading higher.
This movement has corresponded with a bearish correction in the cryptocurrency market. Further declines are possible, as USDT.D may still test the upper boundary of the wedge pattern.
The bulls have taken control after breaking above the 4.11% structure.
As long as they maintain this position, a continuation toward the previous major high of 4.47% is anticipated.
As anticipated in our latest BTC analysis, the $100,000 mark was rejected, confirming the correction phase.
If the bears persist, the next support level would be around $80,000–$82,000.
After breaking below $97,000, BTC turned bearish in the short term, which extended to a medium-term perspective after it fell below the green channel.
If the bearish momentum continues, a decline toward the green structure at $85,000 is anticipated.
5 Altcoins Analysis
After surpassing the $5 resistance level, FIL has confirmed the start of a new bullish phase.
As long as the $4.65 support level holds, we will look for trend-following buy setups after each dip.
On the 4-hour timeframe, Filecoin (FIL) has been in a correction phase, moving within a descending channel.
For the bulls to regain control and initiate the next upward movement, a break above the channel's upper trendline is necessary.
As noted in our previous PENDLE update, the price has surpassed the $5 resistance level, which has now become support.
As long as the $4.5 support level and the lower green trendline hold, a bullish continuation toward the next resistance zone at $7 to $7.5 is anticipated.
Next is OP. After breaking above the $2 support zone, OP is now confirmed to be bullish from a medium-term perspective.
As it retests the support zone and red trendline, we will be looking for trend-following longs, targeting the $3 mark.
Analyzing KSM, it surged by over 200% after rejecting the $15–$17 support zone.
Currently, KSM is retesting a strong structure and support zone around $35, so we will be looking for longs on lower timeframes.
From a short-term perspective, KSM is undergoing a correction phase, trading within the red-marked falling wedge pattern. To initiate the next bullish impulse, a break above the wedge and the $39.5 major high is necessary.
Last but not least, as per our previous altcoins article, MKR rejected the $1,000 support and surged by almost 100% to encounter resistance around the $2,000 round number.
For the bulls to take full control, a daily candle close above the $2,000 mark is required.
Meanwhile, MKR could still reject the upper bound of the falling orange channel and initiate a correction toward the $1,200 demand zone, where we will look for new short-term long positions.
Quotes / Advices
Wide diversification is only required when investors do not understand what they are doing.
~ Warren Buffett
Closing Remarks
In summary, USDT.D showed a bearish correction, with potential for further upward movement within the wedge pattern.
BTC confirmed a correction phase after rejecting $100,000, with support levels identified at $80,000–$82,000 and $85,000 under bearish pressure.
FIL confirmed a new bullish phase but requires breaking above its descending channel to sustain momentum.
PENDLE turned bullish after surpassing $5, aiming for $7–$7.5.
OP maintained bullish prospects above $2, targeting $3.
KSM saw a 200% surge after rejecting $15–$17 and is now consolidating around $35, with potential for upward continuation if it breaks the $39.5 wedge.
MKR rallied nearly 100% from $1,000 but faces resistance at $2,000, with correction scenarios targeting $1,200 for new long setups.
