Welcome to our latest crypto market outlook for August 26th!
After a week of pure optimism following Powell’s speech on interest rates, the crypto market has entered a deep correction phase. This is actually the perfect time to look for potential entries on your favorite tokens. Here are the ones on my watchlist this week: ARB, ICP, BIO, TAO, and SUSHI.
Today, we will cover the following topics:
– BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
BTC analysis
As per our latest BTC analysis, price is still holding strong above the red structure at $107,500.
As long as this level holds as support, the overall bias for crypto remains bullish.
For the bulls to take control again and trigger the next big impulse move, a break above the last major high marked in orange at $114,000 is needed.
In parallel, if the $107,500 support level breaks to the downside, a deeper bearish movement would likely follow.
5 Altcoins Analysis
ARB has been overall bullish, trading within the rising channel marked in orange.
This week, it is undergoing a correction, retesting the lower bound of the channel, which aligns perfectly with the $0.50 support and psychological round number.
For the bulls to fully take over again, a break above the $0.545 major high in blue is required. In the meantime, ARB could still trade lower and dip into the $0.47 – $0.50 support zone.
As per our latest market outlook, ICP has been trading within a clear and typical range between $5 and $6.5.
This week, it is retesting the lower bound of that range, so we will be looking for long opportunities as long as this level holds.
For the bulls to shift momentum in their favor, a break above the upper bound of the orange falling channel is needed.
Until then, ICP remains bearish in the short term and could still trade down toward the lower bound of support at $4.5.
BIO has been one of the biggest movers this past week, surging from $0.10 all the way to $0.35.
Currently, it is in a correction phase, and as it approaches the demand zone and the blue trendline intersection, we will be looking for trend-following long opportunities.
As per our last TAO update, price rejected the upper bound of its range at $400 and has been trading lower since.
This week, TAO is retesting the lower bound of the range at $300. As long as the $280 – $300 support zone holds, we will be looking for long opportunities on the lower timeframes.
SUSHI has been trading within a clean descending triangle marked in red. Currently, it is retesting the lower bound of the triangle, which aligns with the strong $0.735 support.
As long as this level holds, we will be looking for long opportunities.
For the bulls to gain the upper hand, a break above the last minor high in orange at $0.765 is needed.
Quotes / Advices
You should always have a worst case point. The only choice should be to get out quicker.
~ Richard Dennis
Closing Remarks
In summary, after a week of optimism followed by a sharp correction, the crypto market is at a decisive stage. BTC is holding above $107,500, with $114,000 as the key breakout level for a new bullish impulse, while a breakdown could trigger deeper downside.
ARB is retesting the $0.50 support within its rising channel; bulls need a break above $0.545 to confirm strength.
ICP is holding the $5 range support but remains short-term bearish unless it breaks above its falling channel.
BIO surged from $0.10 to $0.35 last week and is now correcting into a demand zone near its trendline.
TAO is back at the $300 range low, with the $280–$300 zone acting as a crucial support to keep bullish opportunities alive.
SUSHI is testing the $0.735 support at the base of a descending triangle; a break above $0.765 is needed for bulls to regain momentum.
