Welcome to another crypto market outlook for the 14th of August!
In today's market outlook, we will go over USDT.D and BTC to get a feeling about the crypto market sentiment and then cover five altcoins (MKR, RENDER, XDC, APT, ETC), marking potential trading opportunities.
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 previous market outlook, USDT.D has been confined within a range around a massive support zone 5.33% - 5.45%.
The bulls will remain in control unless the support level at 5.33% is broken downward. If this occurs, a bearish continuation toward the lower orange trendline is expected.
On the 4-hour timeframe, after rejecting the 6.5% resistance zone, USDT.D has entered a bearish correction phase.
For the momentum to shift from bearish to bullish, a break above the last major high at 5.82% is necessary.
As per our previous analysis, BTC has been holding firmly above $60,000, which is a good sign that the bulls are still in control.
As long as the $58,000 support level holds, the bulls still have the potential to push the price higher toward the upper bound of the orange channel.
For bullish pressure to persist on lower timeframes, a break above $62,800 is needed.
Meanwhile, if the $58,000 support is broken to the downside, another bearish impulse toward $52,000 would be expected.
5 Altcoins Analysis
Let's start with MKR. After rejecting the $4,000 resistance level, MKR has been bearish for almost four months.
Currently, MKR has found support around the $1,750 - $2,000 zone, so we will be looking for buy setups on lower timeframes.
On the daily timeframe, the bulls have already taken over after breaking above the last minor high.
We are now expecting a correction phase toward the upper red trendline and the $2,800 supply zone.
Turning our attention to RENDER, formerly RNDR, it has been bearish from both long-term and medium-term perspectives, trading within the falling orange and red channels, respectively.
Recently, RENDER found support around the round number of $5 and the lower bound of the channels.
For the bulls to take over in the medium term and initiate a correction phase toward the upper long-term trendline in orange, a break above the $5.5 mark is needed.
Next on the agenda is XDC. Although XDC has been bearish for almost a year, it still holds great potential in my opinion.
Currently, it is trading at a discount around its previous all-time low of $0.02, providing us with a massive opportunity and an edge to go long.
Analyzing APT, after rejecting the $5 support level, APT surged by over 45%, signaling that the bulls are finally ready to step in.
As long as the $5 support holds, we will be looking for any bullish reversal setups to confirm bullish control.
On the daily timeframe, APT is still overall bearish tho, trading within the falling channel marked in red.
For the impulse phase to start, a break above the red channel and the $8 resistance level is needed.
Lastly, let’s go over ETC.
ETC has been stuck within a broad range between $15 and $50. It is actually one of the cleanest setups to trade, especially since it is currently around a massive support level that has been respected multiple times in the past.
For the bulls to finally take over and push toward the $30 round number, a break above $20 is needed.
One way to trade it is to wait for ETC to retest the $20 resistance after it turns into support and then zoom in to look for any additional confirmation to go long.
Quotes / Advices
You can be free. You can live and work anywhere in the world. You can be independent from routine and not answer to anybody.
~ Alexander Elder
Closing Remarks
In summary, USDT.D has been trading within a tight range, with bullish control likely to continue unless key support levels are broken.
BTC has maintained strength above $60,000, with potential for further gains if support holds.
Among the altcoins, MKR, RENDER, and XDC are showing signs of potential reversals after extended bearish periods, while APT and ETC are at critical junctures, with breakouts needed to confirm bullish control.
Check out our previous altcoins article.
