Here are 5 cryptocurrencies with bullish setups that are on the verge of crashing
Bitcoin, BNB, EOS, QNT, and CHZ exhibit bullish technical analysis setups that could attract buyers if the broader market enters a relief rally this week.
Price analysis
The S&P 500 ended its four-week rally last week after minutes from the Federal Reserve's July meeting hinted that central bank rate hikes would continue until inflation is brought under control. Fed members said there was no evidence that inflationary pressures appear to be easing.
Another drag was St. Louis Fed Chairman James Bullard's statement that he would support a 75 basis point rate hike at the Fed's monetary policy meeting in september. This has dimmed hopes that the era of aggressive rate hikes is over.
Daily View Crypto Market Data . Source: Coin360Weakening sentiment pushed the S&P 500 down 1.29% for the week. Continuing its close correlation with the S&P 500, Bitcoin (BTC) also experienced a sharp decline on August 19 and is expected to end the week with heavy losses.
Will the bulls use the dips to build up to lower levels? If so, let's study the charts of the top 5 cryptocurrencies that are likely to attract buyers due to their bullish setups.
BTC/USDTBitcoin slipped below the 20-day exponential moving average ($22,864) on August 17, then below the 50-day simple moving average ($22,318) on August 19. The bulls try to stop the decline at the ascending channel support line.
BTC/USDT daily chart. Source: TradingViewThe 20-day EMA has started to decline and the Relative Strength Index (RSI) is in negative territory, indicating an advantage for the bears. If the...
Bitcoin, BNB, EOS, QNT, and CHZ exhibit bullish technical analysis setups that could attract buyers if the broader market enters a relief rally this week.
Price analysis
The S&P 500 ended its four-week rally last week after minutes from the Federal Reserve's July meeting hinted that central bank rate hikes would continue until inflation is brought under control. Fed members said there was no evidence that inflationary pressures appear to be easing.
Another drag was St. Louis Fed Chairman James Bullard's statement that he would support a 75 basis point rate hike at the Fed's monetary policy meeting in september. This has dimmed hopes that the era of aggressive rate hikes is over.
Daily View Crypto Market Data . Source: Coin360Weakening sentiment pushed the S&P 500 down 1.29% for the week. Continuing its close correlation with the S&P 500, Bitcoin (BTC) also experienced a sharp decline on August 19 and is expected to end the week with heavy losses.
Will the bulls use the dips to build up to lower levels? If so, let's study the charts of the top 5 cryptocurrencies that are likely to attract buyers due to their bullish setups.
BTC/USDTBitcoin slipped below the 20-day exponential moving average ($22,864) on August 17, then below the 50-day simple moving average ($22,318) on August 19. The bulls try to stop the decline at the ascending channel support line.
BTC/USDT daily chart. Source: TradingViewThe 20-day EMA has started to decline and the Relative Strength Index (RSI) is in negative territory, indicating an advantage for the bears. If the...
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