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
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.
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%.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
