Welcome to another crypto market outlook for the 24th of July!
In today's market outlook, we will dive into the current state of the crypto market. BTC remains bullish, while USDT.D is approaching a support zone.
Moreover, we will go over five altcoins (PROPC, SCPT, POPCAT, JASMY, UNIBOT), marking their key levels and possible trade setups.
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 per our last market outlook, USDT.D is still hovering around the lower bound of the orange rising channel.
As long as the lower orange trendline and 4.6% support level hold, we expect a bullish continuation, which would negatively affect the crypto market.
On the 4-hour timeframe, USDT.D has been stuck within a consolidation in the shape of an inverse head and shoulders.
For the momentum to be shifted from bearish to bullish, a break above the neckline marked in blue at 5% is needed.
As per our previous outlook, BTC has been in a bullish correction phase trading within the flat falling wedge pattern marked in orange.
As long as the previous low holds, a continuation towards the $70,000 round number would be expected.
On the 4-hour timeframe, BTC has been bullish from a medium-term standpoint trading within the rising blue channel.
For the momentum to be shifted from bullish to bearish, a break below the last major low at $65,000 is required. Meanwhile, BTC would remain overall bullish.
5 Altcoins Analysis
Let's start with PROPC. It has been overall bearish, trading within the falling red channel.
However, it is currently approaching a significant round number, $1, so we expect the bulls to kick in soon.
On the 4-hour timeframe, for the bulls to take over and shift the momentum from bearish to bullish, a break above the $1.67 structure, highlighted in green, is required.
Meanwhile, PROPC would remain bearish and could still trade lower to test the $1 round number again.
Turning our attention to SCPT, it has been hovering within a narrow range, forming an inverse head and shoulders pattern.
SCPT rejected the $0.01 round number this month, so we expect a bullish reversal as long as the support holds.
For the bulls to finally take over, a break above the orange neckline at $0.02 is needed. In this case, a movement towards the $0.03 mark would be expected.
Next on the agenda is POPCAT.
After rejecting the $1 mark, it has been bearish from a short-term perspective, entering a correction phase.
However, POPCAT remains overall bullish as long as it is trading within the rising channel marked in red.
As it approaches the lower bound of the red channel and the $0.65 structure marked in green, we will be looking for trend-following buy setups on lower timeframes.
Analyzing JASMY, it has been bullish long-term, trading within the rising wedge pattern marked in green.
As it approaches the lower bound of the wedge pattern and the $0.024 mark, we will be looking for trend-following buy setups on lower timeframes.
On the 4-hour timeframe, for the bulls to take control and start the next impulse phase, a break above the last major high at $0.0325 is required.
Meanwhile, JASMY can still retest the daily trendline before trading higher.
After surging over 90%, UNIBOT has entered a correction phase and is currently approaching a significant demand zone marked in green.
As long as the demand zone holds, we will be looking for bullish reversal setups.
On the 1-hour timeframe, UNIBOT has been forming a clean wedge pattern highlighted in red.
For the buy setup to be activated, a break above the last major high at $9.87 is needed.
Quotes / Advices
The markets can remain irrational longer than you can remain solvent.
~John Maynard Keynes
Closing Remarks
In summary, USDT.D hovers near the lower bound of its rising channel. If the 4.6% support holds, we expect a bullish continuation, potentially impacting the crypto market negatively.
BTC is in a bullish correction phase within a falling wedge pattern, aiming for $70,000 as long as the previous low holds.
PROPC is bearish within a falling channel but approaching $1, with a break above $1.67 needed for a bullish shift.
SCPT may see a bullish reversal if it breaks above $0.02. POPCAT is overall bullish within a rising channel, with potential buy setups near $0.65.
JASMY is bullish long-term within a rising wedge, with buy setups expected near $0.024.
UNIBOT is approaching a significant demand zone, with a break above $9.87 needed for a bullish reversal.
Check out our previous altcoins article.
