Crypto Market: Major Support Levels Ahead

Welcome to our latest crypto market outlook for September 4th!

In today’s market outlook, we’ll assess USDT.D and BTC to gauge overall market sentiment, followed by an in-depth look at five promising altcoins: ICP, LINK, RARE, POPCAT, and ZEC.

‍Today, we will cover the following topics:

- USDT.D and BTC Analysis
- 5 Altcoins Analysis
- Quotes / Advices
- Closing Remarks

USDT.D and BTC analysis

USDT.D daily chart overall bullish trading within a rising channel and currently approaching the upper bound and 6.4% resistance zone. — *USDT.D Chart - Daily Timeframe*

As mentioned in our last USDT.D update, it remains overall bullish, trading within the large rising wedge pattern highlighted in orange.

We still anticipate further pressure in the crypto market as USDT.D has some room to move upward, potentially testing the upper boundary of the channel and the green resistance zone.

USDT.D 4h chart overall bullish short-term trading within a rising channel as long as the last low at 5.9% holds. — *USDT.D Chart - 4H Timeframe*

On the 4H timeframe, USDT.D has also been bullish in the short term, trading within the ascending channel in red.

We expect further upside unless USDT.D manages to break below the recent low at 5.9%.

BTC daily chart hovering around the $60,000 resistance that we need a break above for the bulls to reclaim control. — *BTC Chart - Daily Timeframe*

According to last week’s market outlook, BTC lost the $60,000 support, so further downside is expected.

As it trades lower, the next support is expected to be around the $52,000 level.

BTC 4h chart overall bearish trading within a falling channel as long as the $60,000 round number holds. — *BTC Chart - 4H Timeframe*

Exactly the opposite of USDT.D, BTC is trading within a descending channel.

Further bearish pressure is expected unless the $60,000 level is reclaimed.

5 Altcoins Analysis

‍Let's start with ICP. It has been hovering within a rising range, forming a flat channel.

This week, ICP is approaching the lower bound of the channel, so we will be on the lookout for bullish reversal setups.

ICP daily chart overall bullish trading within a flat rising channel around the $6 support level. — *ICP Chart - Daily Timeframe*

ICP is currently in a correction phase, trading within a falling channel marked in orange.

For the next impulse movement to begin, we need a break above the recent high at $7.67.

ICP 4h chart overall bearish trading within a falling channel unless the last high at $7.67 is broken upward. — *ICP Chart - 4H Timeframe*

Now let’s go over LINK. It has been hovering within a large range between $10 and $13.

Today, LINK is rejecting the round number of $10, which it hasn't been able to break below for the past couple of months.

For the bulls to take over, leading to a move toward the upper bound of the range, a break above the $10.85 mark is required.

LINK 4h chart overall bearish but rejecting a strong round number $10. — *LINK Chart - 4H Timeframe*

Next, we have RARE. After a 500% surge, RARE found resistance around $0.36 and has been in a correction phase since then. As it sits around a massive demand zone marked in blue, we will be looking for bullish reversal setups.

For the bulls to finally take over and start the next pump, a break above the upper red and orange trendlines, as well as the $0.18 high, is necessary.

RARE 4h chart overall bearish trading within a falling channel unless the last high at $0.18 is broken upward. — *RARE Chart - 4H Timeframe*

Analyzing POPCAT, it has remained strong while many altcoins have been making lower lows over the past couple of weeks.

As it approaches the lower bound of the channel and the demand zone marked in blue, we will be looking for trend-following buy setups on shorter timeframes.

POPCAT daily chart overall bullish trading within a rising channel and currently retesting the lower bound. — *POPCAT Chart - Daily Timeframe*

On the 4H timeframe, POPCAT has been cleanly following the market structure. After breaking below the previous low marked in red, it has turned bearish.

For the momentum to shift again, a break above the recent high marked in green at $0.635 is needed.

POPCAT 4h chart showing the last major high at $0.635 that we need a break above for the bulls to take over. — *POPCAT Chart - 4H Timeframe*

Last but not least, let’s go over ZEC. After a 35% dip, it finally found support within the $27 to $30 zone. As the support holds, we expect buyers to push soon.

ZEC daily chart hovering within a strong support between $27 and $30. — *ZEC Chart - Daily Timeframe*

From a medium-term standpoint, ZEC has been bearish, trading within a descending channel marked in green.

For the trend to shift according to the market structure, a break above the recent high at $31 is required.

ZEC 1h chart overall bearish unless the last high at $31 is broken upward. — *ZEC Chart - 1H Timeframe*

Quotes / Advices

‍Hope is bogus emotion that only costs you money.
~ Jim Cramer

Closing Remarks

‍In summary, USDT.D remains bullish within a rising wedge, with expectations of further upside pressure. BTC, on the other hand, is experiencing bearish momentum within a descending channel, with a key support level around $52,000.

ICP is approaching the lower bound of its channel, and LINK, which continues to reject the $10 level.

RARE, after a 500% surge, is in a correction phase, and bullish setups are anticipated around its demand zone.

POPCAT has shown strength in the market, and a break above $0.635 could signal a momentum shift.

Finally, ZEC found support after a 35% dip, with the potential for a bullish move if it breaks above $31.

Check out our newest Altcoins article.