Welcome to our latest crypto market outlook for August 12th!
The first half of August has been good for crypto traders, as expected, with almost all altcoins printing new highs. Will the bullish trend persist through the second half of August? I believe so — and here are the 5 tokens on my watchlist this week: NEAR, OP, ENA, ZK, and PENDLE.
Today, we will cover the following topics:
– BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
BTC analysis
As per our latest BTC analysis, it has just broken above the falling correction phase marked in red, signaling the start of the next bullish impulse movement.
As long as the lower orange trendline holds, we will continue looking for trend-following longs on every correction.
In the short term, BTC will remain bullish as long as the blue trendline and the last low at $119,000 hold. If the blue trendline is broken to the downside, we can expect a bearish correction toward the lower orange trendline.
5 Altcoins Analysis
NEAR is currently bouncing off a massive weekly support level and the key round number of $2.
As long as this support holds, we expect the bulls to step in soon, targeting the upper bound of the range at $8.
For the bulls to take over in the long term and start the next big impulse phase, a break above the upper bound of the accumulation phase in blue at $3.65 is needed.
Meanwhile, since NEAR is hovering around the lower bound of its range, we will be looking for short-term long positions.
As per our last OP analysis, it rejected the $0.60 support and has been trading higher since then.
This week, OP has been hovering within a wide range.
For the bulls to remain in control and initiate the next big daily impulse movement, a break above the upper bound of the range at $0.833 is needed.
Meanwhile, as OP retests the lower bound of the range in green at $0.665, we will be looking for new trend-following long positions.
As per our last ENA update, it rejected the $0.50 support and key round number, then surged by over 50%.
Currently, ENA remains bullish, trading within the rising broadening wedge pattern marked in blue.
As it retests the lower bound of the wedge and the orange structure, we will be looking for trend-following long setups on lower timeframes.
ZK rejected strong support at $0.05 this week, so we will be looking for long positions as long as this level holds.
In the short term, for the bulls to take over, a break above the last major high in orange at $0.065 is needed.
For the bulls to remain in control in the medium term, a break above the upper bound of the range at $0.088 is required.
PENDLE has also rejected the $4–$4.5 support zone and has been surging throughout this entire week.
As long as the bulls remain in control, a continuation toward the upper bound of the wedge and the $7 resistance level is very likely.
The bulls will remain in control unless the last low, marked in red at $5.20, is broken to the downside.
In such a scenario, a bearish correction toward the $4.50 support level would be anticipated.
Quotes / Advices
The stock market is filled with individuals who know the price of everything, but the value of nothing.
~ Philip Fisher
Closing Remarks
In summary, the first half of August has been bullish for crypto, with BTC breaking out of its correction phase and holding key trendline support. As long as the lower orange trendline remains intact, the outlook stays positive.
NEAR is rebounding from a major weekly support at $2, with potential to reach $8 if momentum continues.
OP is consolidating within a wide range, with a breakout above $0.833 opening the door for a larger rally.
ENA remains bullish inside a rising broadening wedge, offering dip-buying opportunities on retests.
ZK is holding strong at $0.05, with upside potential if it clears $0.088.
PENDLE is surging from the $4–$4.5 zone, eyeing $7 as the next resistance.
