Welcome to another crypto market outlook for the 7th of August!
In today's market outlook, we will go over BTC, USDT.D and five altcoins (QNT, IO, SMT, MATIC, ORDS), 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 outlook, USDT.D found resistance around the upper bound of the orange channel and the 6.5% mark.
As long as the bears hold, the next support would be around the 5.33% - 5.45% zone.
On the 4-hour timeframe, after breaking below the last major low in blue, USDT.D has been bearish from a medium-term perspective.
The bears will remain in control, which would be positive for the crypto market unless the last high at 5.97% is broken upward.
As per our previous analysis, after rejecting the $50,000 round number and lower orange trendline, BTC surged by over 15%.
Currently, BTC is approaching a critical zone at $60,000. A break above this level is needed for the bullish control to persist.
On the 4-hour timeframe, the bulls will remain in control as long as BTC is trading within the rising channel marked in red.
If the last low at $55,600 is broken downward, a bearish continuation toward $50,000 would be expected.
5 Altcoins Analysis
Let's start with QNT. After dipping over 20% this week, QNT finally found support around the $50 round number.
As long as the $40 support level holds, we will be looking for bullish reversal setups on lower timeframes.
On the 4-hour timeframe, QNT is retesting a major structure marked in red at $65.
For the bulls to maintain control, a momentum candle close above $65 is required. In this case, a bullish phase toward the $80 mark will be possible.
Turning our attention to IO, it has been bearish for almost a month now, trading within a falling channel highlighted in red.
As it approaches the $1 round number and the lower bound of the channel, it would enter a massively oversold zone where we have an edge to look for buy setups.
For now, we wait!
Next on the agenda is SMT. It has been hovering within a notable range between the $0.3 support and $0.7 resistance levels.
As long as it respects the $0.3 - $0.4 support zone, we will be looking for bullish reversals.
Analyzing MATIC, after breaking below the $0.7 support level, it has been losing strength.
Currently, MATIC is rejecting a weekly support zone between $0.3 and $0.4, so we will be looking for short-term buy setups on lower timeframes.
On the 4-hour timeframe, MATIC has been in a correction phase and is approaching the previous major low at $0.444.
For the correction phase to extend and become an impulse phase, a break above the $0.444 mark is needed.
Last but not least, let’s cover ORDS.
ORDS has been declining significantly, but it is worth mentioning now because it is currently hovering around its all-time low and the round number $0.01.
On the 4-hour timeframe, ORDS has been overall bearish, making lower lows and lower highs marked in red.
Currently, the last major high is at $0.022. For the momentum to shift from bearish to bullish, a break above this major high is needed.
Quotes / Advices
Wide diversification is only required when investors do not understand what they are doing.
~ Warren Buffett
Closing Remarks
In summary, after rejecting $50,000 and the lower orange trendline, BTC surged by over 15%. Currently, it needs to break above $60,000 to maintain bullish control.
QNT: Found support around the $50 round number after a 20% dip. A break above $65 is needed for a bullish phase toward $80.
IO: Trading within a falling channel, approaching an oversold zone near $1. Looking for buy setups.
SMT: Hovering between $0.3 support and $0.7 resistance. Looking for bullish reversals if it respects the $0.3 - $0.4 support zone.
MATIC: Losing strength after breaking below $0.7 support. Rejected at a weekly support zone between $0.3 and $0.4. A break above $0.444 is needed to shift momentum to bullish.
ORDS: Hovering around its all-time low at $0.01. A break above $0.022 is needed to shift momentum from bearish to bullish.
Check out our previous altcoins article.
