Welcome to another crypto market outlook for the 31st of July!
In today's market outlook, we will go over BTC and USDT in depth analysis to get a feeling about the overall state of the crypto market.
Then, we will analyze five altcoins (NMR, XRP, MANTA, NOT, WLD), highlighting their key levels and potential 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 overview, USDT.D is rejecting the lower bound of the rising channel.
This bullish movement on USDT.D isn't healthy for the crypto market.
On the 4-hour timeframe, USDT.D found resistance around the structure marked in blue at 5.01%. For the bulls to regain control, a break above 5.01% is needed.
Meanwhile, as long as USDT.D remains bearish, this will be positive for the crypto market.
As per our previous analysis, BTC has rejected the $70,000 round number and is currently retesting the previous major low at $63,500, marked in red.
For now, the bulls will remain in control as long as the $63,500 level holds.
On the 4-hour timeframe, BTC is currently hovering around the lower bound of the rising wedge pattern marked in blue.
For the bullish reversal setup to get activated, a break above the $67,000 mark is needed.
5 Altcoins Analysis
Let's start with NMR. It has been rejecting a strong support zone from $10 to $12.5.
As long as the support holds, we expect buyers to kick in and drive the price higher.
On the 4-hour timeframe, the bulls will take over after breaking above the last major high at $16.
Meanwhile, NMR would remain stuck within a broad range, signaling an accumulation phase.
Turning our attention to XRP, after breaking above the $0.57 structure, it has been bullish for the entire week.
As long as the green structure holds, a bullish continuation towards the $0.75 resistance level is expected.
In parallel, if the $0.57 mark is broken downward, a bearish movement towards the $0.50 round number will become possible.
Next on the agenda is MANTA.
It has been stuck within a narrow range in the shape of an inverse head and shoulders pattern marked in red.
For the bulls to start the next impulse phase, a break above the neckline at $1.20 is needed.
Meanwhile, MANTA would remain bearish from a medium-term perspective and could still trade lower to test the $0.50 round number.
Analyzing NOT, after rejecting the $0.01 round number, it has been hovering within a big range between the $0.01 and $0.02 round numbers.
As it approaches the $0.01 round number and demand zone, we will be looking for buy setups on lower timeframes.
On the 4-hour timeframe, this week, NOT broke below the last major low at $0.015 and has been trading lower.
For the bulls to take over again and push towards the upper bound of the range at $0.02, a break above the $0.015 structure is needed.
Two weeks ago, WLD surged by over 70%, creating a massive demand zone marked in red at $1.90.
As WLD retests the demand zone, we expect the bulls to kick in hard again.
On the 1-hour timeframe, WLD has been bearish, trading within the falling orange channel.
For the bulls to take over in the short term, a break above the upper orange trendline is needed.
For the bulls to remain in control and take over in the long term, a break above the $2.50 resistance level is necessary.
Meanwhile, WLD remains bearish.
Quotes / Advices
The most important investment you can make is in yourself.
~ Warren Buffett
Closing Remarks
In summary, USDT.D is rejecting the lower bound of the rising channel, indicating a bullish movement that isn't healthy for the crypto market.
BTC rejected the $70,000 level and is retesting $63,500. Bulls remain in control if $63,500 holds.
NMR: Rejecting a strong support zone from $10 to $12.5. Buyers are expected if the support holds.
XRP: Bullish after breaking above $0.57. A continuation towards $0.75 is expected if the structure holds.
MANTA: In a narrow range with an inverse head and shoulders pattern. A break above $1.20 is needed for a bullish phase.
NOT: Hovering between $0.01 and $0.02 after rejecting $0.01. Buy setups are expected near $0.01.
WLD: Surged over 70% two weeks ago, creating a demand zone at $1.90.
Check out our previous altcoins article.
