Welcome to our latest crypto market outlook for September 18th!
Are you ready for a new market outlook? Let's dive into USDT.D and BTC together, followed by the analysis of 5 altcoins: REI, MUMU, CSWAP, LTC, and OM.
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 mentioned in our USDT.D analysis last week, the overall trend remains bullish, with the price hovering around the blue trendline, which is serving as a non-horizontal support.
The bulls will stay in control, which would be bearish for crypto, unless the blue trendline is broken to the downside.
On the 4H timeframe, USDT.D is trading within a range, forming a double bottom pattern.
If the bulls manage to break above the 6.05% neckline, we can expect further upward movement toward the 6.4% resistance level.
BTC remains stuck within a narrow range around $60,000, as highlighted in last week’s market overview.
As long as BTC stays below $60,000 and the red trendline, further downside can be expected.
The bullish scenario will be confirmed if BTC breaks above $61,300.
On the other hand, BTC will remain bearish, particularly if it breaks below $57,500.
5 Altcoins Analysis
Let's begin with REI. It has been consolidating between two key rejection levels, $0.0375 and $0.072.
For its bull run to start, REI needs to break above this entire range.
On the 4H timeframe, REI will remain bearish until its last major high at $0.055 is broken to the upside.
As it approaches the lower bound of the range at $0.0375, we will watch for short-term buy setups.
Now let's move on to MUMU. After a dip of over 77%, MUMU is finally finding support at $0.00003.
However, for the bulls to confirm control, a break above $0.000045 is necessary.
Next, we have CSWAP. After surging over 1600%, it has been losing value for almost a year.
Now, as it approaches its all-time low, a significant demand zone, we expect the bulls to finally make a move.
However, no matter how cheap a token becomes, avoid catching a falling knife.
Always wait for additional confirmation, which in this case would be a break above the $0.038 level.
Analyzing LTC, one of the original cryptocurrencies, it has been losing strength but has managed to avoid breaking below major lows.
As it approaches the significant round number of $50, we will be watching for long opportunities.
Over the past couple of months, LTC has been bearish, forming a falling channel marked in red.
For the bulls to regain control, a momentum candle close above the $69 high is required.
Last but not least, let's discuss OM. In my opinion, it has been relatively strong. While many altcoins have already lost their support, OM is holding firmly above its support at the $1 round number.
As long as OM is trading within the daily support, the bulls still have the potential to initiate another impulse move, potentially resulting in a long-term higher high.
The confirmation of this impulse would be a break of the falling channel at $1.09.
Quotes / Advices
The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.
~ Victor Sperandeo
Closing Remarks
In summary, USDT.D remains bullish above the blue trendline, while BTC is consolidating around $60,000. A break above $61,300 could signal a bullish move, while a dip below $57,500 would confirm further downside.
REI is consolidating between $0.0375 and $0.072. A break above the range is needed for a bull run, while short-term buy setups could emerge near the lower bound at $0.0375.
After a 77% drop, MUMU is finding support at $0.00003. A break above $0.000045 would confirm a bullish reversal.
CSWAP has been declining since a 1600% surge. As it nears its all-time low, a break above $0.038 is needed before considering bullish moves.
LTC is approaching the key $50 level. A break above $69 is required for the bulls to regain control.
OM remains strong above $1 support. A break above $1.09 would confirm a bullish impulse move.
Also check our previous altcoins article.
