Welcome to another crypto market outlook for the 17th of July!
In today's market outlook, we will dive into the crypto market. BTC is surging like there is no tomorrow, while USDT.D is approaching the lower bound of its range.
Moreover, we will go over five altcoins (DOT, TIA, JUP, FLOW, NKN), 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
I always start my analysis with USDT.D, as it is a good tool to get a feeling about traders’ sentiment. By monitoring USDT.D, we can determine if traders are optimistic, indicated by increased investments in cryptocurrencies, or pessimistic, shown by a shift towards stablecoins.
As per our last outlook, USDT.D broke below the 5.33% resistance zone and has been bearish as part of a correction phase within the rising channel marked in orange.
Currently, USDT.D is approaching the lower bound of the channel, so we expect the bears to kick in soon, which would be negative for the entire crypto market.
On the 4-hour timeframe, after breaking below 5.16% low, the momentum has shifted from bullish to bearish.
USDT.D will remain bearish as long as it is trading within the falling channel marked in blue.
As per our previous outlook, BTC broke above the $60,000 round number and has been bullish since then.
As long as the bulls hold, a continuation towards the upper bound of the orange wedge pattern and the $70,000 round number is expected.
On the 4-hour timeframe, for the bulls to maintain control, a break above the $66,000 mark is needed. In this case, a movement towards the $70,000 would be expected.
In parallel, if the last low at $64,000 marked in red is broken downward, a short-term bearish correction towards $60,000 would be possible.
5 Altcoins Analysis
Let's start with DOT, as this July witnessed the Polkadot flagship annual event.
It has been trading within a giant range between the $5 support and $11 resistance levels.
This month, DOT has been hovering around the lower bound of the range and the support zone between $5 and $6, so we will be on the lookout for buy setups on lower timeframes.
On the daily timeframe, DOT has been uneventful trading within a narrow range.
For the bulls to take over and start the next impulse movement upward, a breakout above the structure marked in red at $6.65 is required.
Turning our attention to TIA, after rejecting the $20 round number, it has been bearish, trading within the falling channel marked in red.
For the bulls to regain control from a long-term perspective, a break above the last major high at $8.5 is needed.
Meanwhile, TIA can still trade lower, especially if the $5 round number is broken downward.
Next on the agenda is JUP. It has been trading within a range between the $0.6 and $1 round numbers.
For the bulls to take over and shift the momentum from bearish to bullish, a break above the upper red trendline and $1.05 is needed.
Meanwhile, JUP can still reject the $1 resistance level and trade lower for one more bearish impulse movement.
Analyzing FLOW, it has been hovering around a massive support at the $0.5 round number.
As long as the $0.4 support level holds, we expect the bulls to kick in soon.
On the daily timeframe, FLOW has been forming an inverse head and shoulders pattern highlighted in orange.
For the bulls to take over in the medium term, a break above the neckline at $0.67 is needed.
In this case, a movement towards the $0.9 - $1 resistance zone would be expected.
NKN has been trading within a large range between $0.06 and $0.215 for almost 2 years.
Currently, NKN is rejecting the lower bound of the range, so we will be looking for buy setups as long as the $0.06 support level holds.
On the 4-hour timeframe, the bulls already took over from a short-term perspective after breaking above the last minor high marked in orange.
For the bulls to remain in control and take over from a medium-term perspective, a break above the last major high marked in red at $0.0855 is needed.
Quotes / Advices
Here is a strategy that doesn’t require a lot of time and energy in case you have a day job:
1- Stick to one timeframe: Let’s say the daily timeframe.
2- Wait for the last major high to be broken upward.
3- Buy and hold it for a year.
Thank me later!
Closing Remarks
In summary, USDT.D to gauge trader sentiment, noting a bearish correction phase within its rising channel, indicating a negative outlook for the crypto market.
BTC has been bullish after breaking above $60,000, with potential continuation towards $70,000 if bulls maintain control. However, a break below $64,000 could lead to a short-term bearish correction.
For altcoins, DOT is trading in a range with potential buy setups near $5-$6, while TIA remains bearish unless it breaks above $8.5.
JUP needs to break $1.05 for a bullish shift, and FLOW shows a bullish inverse head and shoulders pattern with targets around $0.9-$1.
NKN is showing short-term bullish signs but requires a break above $0.0855 for medium-term control.
Check out our previous altcoins article.
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