Crypto Market on the Verge

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

USDT.D daily chart overall bullish and currently rejecting a strong support at 5.5%. — *USDT.D Chart - Daily Timeframe*

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.

USDT.D 4h chart overall bullish trading within the rising wedge and showing the last major high at 5.82% that we need a break above for bullish pressure to persists. — *USDT.D Chart - 4H Timeframe*

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.

BTC daily chart hovering within a narrow range between $58,000 and $60,000. — *BTC Chart - Daily Timeframe*

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.

BTC 4h chart overall bearish trading within a falling channel unless the last high at $61,900 is broken upward. — *BTC Chart - 4H Timeframe*

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.

ATOM WEEKLY chart rejecting a strong round number at $5. — *ATOM Chart - Weekly Timeframe*

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.

ATOM daily chart showing the last major high at $5.44 that we need a break above for the bulls to take over. — *ATOM Chart - Daily Timeframe*

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.

W daily chart hovering within a narrow range between $0.1 and $0.265. — *W Chart - Daily Timeframe*

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.

PENDLE daily chart overall bearish trading within a falling channel unless the last high at $3.15 is broken upward. — *PENDLE Chart - Daily Timeframe*

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.

NOT daily chart rejecting a massive support at $0.01. — *NOT Chart - Daily Timeframe*

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.

NOT 4h chart showing the upper bound of the range at $0.013 that we need a break above for the bulls to take over. — *NOT Chart - 4H Timeframe*

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.

ONE daily chart trading within a giant wedge pattern and currently rejecting the $0.01. — *ONE Chart - Daily Timeframe*

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.

ONE 4h chart overall bullish as long as it is trading above the rising trendline. — *ONE Chart - 4H Timeframe*

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.