Welcome to another crypto market outlook for the 21st of August!
In today's market outlook, we will start with USDT.D and BTC to gauge the crypto market sentiment and then go over five altcoins (ATOM, W, PENDLE, NOT, ONE), marking potential setups for the upcoming week.
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 per our last market outlook, USDT.D has rebounded from the support marked in blue and has been trading higher ever since, reflecting negatively on the crypto market.
The bulls will remain in control until the 5.33% support level is broken downward. Only then can we expect a bullish phase for altcoins.
On the 4-hour timeframe, for the bulls to maintain control, a break above the previous major high of 5.82% is required.
Meanwhile, we expect a boring phase, so it might be time to go fishing.
As per our previous outlook edition, BTC has been in hibernation mode, trading within a narrow range around $60,000.
If the lower bound of the range at $58,000 is broken downward, expect a bearish impulse leading to $52,000.
Lately, BTC has been ranging within a flat falling wedge pattern marked in orange.
For the bulls to finally step in and start the next bullish phase, a break above the last major high at $61,900 is needed.
5 Altcoins Analysis
Let's start with ATOM. After breaking below the $8.5 support level, it has been bearish for almost a month.
Currently, ATOM is diving within a monthly support zone at $3.5 - $5, so we will be watching for any bullish reversal setups on lower timeframes.
On the daily timeframe, the latest bearish movement is contained within a falling channel marked in red.
For the momentum to shift back to bullish, a break above the channel and the last major high at $5.44 is necessary.
Turning our attention to W, after being listed on a major exchange, it has been a falling knife. It is time to start looking for any sign of a trend reversal, especially as it approaches the $0.1 round number.
We will be waiting for a break above the previous major low at $0.265 for the bullish trend to begin.
Next on the list is PENDLE. After losing the $5 round number, it made another significant bearish impulse to the downside.
This week, PENDLE is rejecting a massive demand and support zone around $2.5.
For the trend to be shifted to bullish again, it needs to crush the last major high marked in red at $3.15.
Analyzing NOT, it has been holding firmly above the $0.01 round number.
As long as the $0.01 mark holds, we can still expect bullish pressure to emerge soon.
On the 4-hour timeframe, NOT has been consolidating with very little liquidity.
For buyers to step in and reject the $0.01 round number, a break above the $0.013 high is needed.
Last but not least, let’s go over ONE. It has been falling within a wedge pattern for almost a year.
The reason we are speculating a reversal now is that it is rejecting a massive support level at $0.01.
The bulls are clearly taking over as the upper blue trendline of the wedge has already been broken.
For bullish pressure to persist, a break above the previous high at $0.012 is needed.
Quotes / Advices
There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time.
~ Jesse Livermore
Closing Remarks
In summary, BTC has been consolidating, with potential bearish momentum if it breaks below $58,000. For a bullish phase to emerge, BTC must break above $61,900.
Among the altcoins, ATOM is exploring a key support zone between $3.5 and $5, with potential bullish reversals expected.
W is nearing a critical $0.1 support level, where we anticipate a trend reversal if the previous low at $0.265 is breached.
PENDLE is holding at a $2.5 support zone and needs to break above $3.15 to shift back to a bullish trend.
NOT has maintained above the $0.01 mark, with potential bullish momentum contingent on breaking $0.013.
Finally, ONE shows signs of bullish reversal after breaking the upper trendline of its wedge pattern, but sustained bullish pressure requires a break above $0.012.
Check out our previous altcoins article.
