Welcome to our latest crypto market outlook for November 6th!
Trump is now the President of the United States. Expect an exciting and dynamic market in the coming years. Here are the tokens I am watching this week: ALEPH, TRAC, PROPC, CELL, and NEAR.
Today, we will cover the following topics:
- USDT.D and BTC Analysis
- 5 Altcoins Analysis
- Quotes / Advices
- Closing Remarks
USDT.D and BTC analysis
According to our latest market update, USDT.D rejected the previous major high and the upper red trendline, resulting in a significant dip.
However, the bears are not in full control yet. For further bullish movement in the crypto market, a break below the 5% level is needed.
The bears will remain in control if the 5% level is broken downward with a 4H candle close.
Meanwhile, the bulls may still step in for a short-term correction, which would be confirmed if the 5.15% level is broken upward.
BTC rejected the orange structure as expected in our last BTC analysis.
Congratulations to HODLers, as BTC reached a new all-time high yesterday at $75,000.
For the bulls to continue pushing in a parabolic manner, a 4H candle close above $74,000 is needed.
Meanwhile, if $72,000 is broken downward, a bearish correction toward the $69,000 structure becomes possible.
5 Altcoins Analysis
Starting with ALEPH, it has been one of the cleanest and favorite charts from a technical analysis perspective.
ALEPH has been trading within a clear rising broadening wedge pattern and is currently rejecting the lower bound.
Always remember, no matter how cheap a token becomes, it is always best to wait for extra confirmation before going long.
For ALEPH, I will be waiting for a break above the last major high in red at $0.1925 to pull the trigger.
Moving on to TRAC, it has proven resilient lately, as it is one of the few tokens that hasn’t made a lower low.
For long-term bullish control, a break above the $0.685 resistance in red is needed.
Meanwhile, as it approaches the lower bound of its range at $0.50, we will be looking for new short-term longs.
Next is PROPC. After being bearish for a couple of months, PROPC finally found support around the round number $1.
However, for the bulls to shift the momentum in their favor, a break above the red wedge pattern and the last high in green at $1.216 is needed.
Analyzing CELL, it has a significant checkpoint around the demand zone marked in green.
This area presents an attractive opportunity to consider long positions at a discount.
As usual, confirmation is needed before going long.
For CELL, a break above the structure marked in blue at $0.5155 is necessary.
Finally, looking at NEAR, as mentioned in our coin of the week article, we were waiting for it to approach the $3 support zone and round number to look for trend-following longs.
As long as this support holds, the bulls will most likely win the next battle.
On the 4-hour chart, NEAR remains bearish in the medium term, trading within the descending channel highlighted in red.
To signal a potential shift in momentum, a break above the upper trendline and the $4.525 resistance level is necessary.
Quotes / Advices
It’s critical for the crocodile to understand its prey.
~Nial Fuller
Closing Remarks
In summary, USDT.D shows that a break below the 5% level could support bullish momentum, while BTC’s recent all-time high of $75,000 indicates continued strength, with $74,000 as a crucial level to sustain a bullish trajectory.
ALEPH is holding within a broadening wedge, and TRAC needs to break above $0.685 to maintain bullish control.
PROPC is nearing critical support around $1, with a bullish shift likely if $1.216 is breached.
CELL has an attractive demand zone around $0.5155, presenting a potential opportunity for discounted long positions.
NEAR holds at a $3 support level, with $4.525 as a key target to reverse its medium-term bearish trend.
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