elcome to another crypto market outlook for the 19th of June!
In today's market analysis, we will delve into the current state of the crypto market. BTC is dipping hard below the $66,000 mark, while USDT.D is taking no breaks!
Furthermore, we will cover five altcoins (RNDR, FET, RUNE, PEPE, OM), highlighting their key levels and potential trading setups.
Are you ready?
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 usual, I always start my analysis with USDT.D as it serves as an indicator of traders' sentiment. USDT.D reflects whether traders are optimistic (investing in cryptocurrencies) or pessimistic (shifting towards stablecoins).
This week, USDT.D broke above the structure marked in orange at 4.8%.
The momentum has shifted again from bearish to bullish, which is negatively affecting the crypto market.
In the 4-hour timeframe, USDT.D is currently trading within the rising channel marked in red.
The bulls will remain in control unless the last major low at 4.75% is broken downward. In such a scenario, a bearish movement towards the support marked in blue would be anticipated.
As per our previous outlook, BTC has rejected the upper bound of the blue channel and the $72,000 resistance level, and it is currently trading lower.
As long as the bears maintain control, a continuation towards the $62,000 support level is anticipated.
In the 4-hour timeframe, BTC has been bearish from a medium-term perspective, trading within the falling channel marked in blue.
For the bulls to regain control and push towards the $72,000 resistance level, a break above the last major high marked in blue at $67,350 is needed.
5 Altcoins Analysis
Let's start with RNDR. It has been overall bullish, trading within a big symmetrical triangle.
Currently, RNDR is retesting the lower bound of the triangle, so we will be looking for trend-following buy setups on lower timeframes as long as the support level at $5.9 holds.
In the 4-hour timeframe, RNDR has been overall bearish trading within the falling trendline marked in orange.
For the bulls to take over and start the next upward impulse movement, a breakout above the upper orange trendline and the last major high at $8.24, highlighted in orange, is needed.
In such a scenario, a movement towards the $10 round number would be anticipated.
Turning our attention to FET, it has been bearish trading within the falling channel marked in red.
Currently, FET is hovering around the lower bound of the channel and a massive demand zone marked in green.
As long as the $1 round number holds, we will be looking for buy setups on lower timeframes.
Next on the agenda is RUNE. It has been overall bearish, trading within the falling channel marked in orange.
However, RUNE is hovering within a massive support zone between $3.5 and $4.2.
For the bulls to take over again, a break above the upper orange trendline and the last major high at $4.735 is needed.
Analyzing PEPE, it has been overall bullish from a long-term perspective, trading within the rising channel marked in blue.
Currently, PEPE is in a correction phase and approaching the lower bound of the blue channel, so we will be looking for trend-following buy setups on lower timeframes.
In the 4-hour timeframe, PEPE has been overall bearish from a medium-term perspective trading within the falling channel marked in red.
For the bulls to regain control, a break above the last major high, marked in red, at $0.0000125 is needed.
OM has been hovering within a wide range between the $0.55 support and $1.05 resistance levels.
Currently, OM is near the lower bound of the range, so we will be looking for buy setups on lower timeframes as long as the $0.55 support level holds.
In the 4-hour timeframe, for the bulls to take control and initiate the next upward impulse movement, a breakout above the last major high marked in orange at $0.74 is required.
In such a scenario a movement towards the $1 round number would be anticipated.
Quotes / Advices
During altcoin season, focus on diversifying your portfolio across high-potential altcoins. Monitor market trends and news for emerging opportunities.
Use technical analysis to identify entry and exit points, and set stop-loss orders to manage risk. Stay disciplined and avoid emotional trading.
Consider allocating a portion of your portfolio to stablecoins to mitigate volatility.
Keep an eye on Bitcoin's dominance as it influences altcoin performance.
Closing Remarks
In summary, USDT.D remains overall bullish, with potential bearish activity if it breaks below the 4.75% support level.
BTC is approaching support at $62,000; a breakthrough above $67,350 could push towards $72,000.
RNDR shows potential buy setups above the $5.9 support, targeting $10 upon breaking $8.24 resistance.
FET hovers near the $1 support zone with bullish potential upon breaking resistance at $1.20.
RUNE nears a massive support zone between $3.5 and $4.2, with anticipated bullish continuation towards $4.735 if support holds.
PEPE struggles near the lower bound of its channel, with buy setups upon breaking $0.0000125 resistance.
OM nears $0.55 support, with potential buy setups targeting $1 upon breaking $0.74 resistance.
