Crypto Market Analysis for August 23

We make up a crypto markets overview containing the detailed technical analysis on Bitcoin and top altcoins. The market analysis is performed on the Daily timeframe.

Key topics

• Bitcoin (BTC/USDT)
• NEAR (NEAR/USDT)
• Binance Coin (BNB/USDT)
• Dogecoin (DOGE/USDT)
• Polkadot (DOT/USDT)
• Bottom Line

Bitcoin (BTC/USDT)

The support level was broken on the Daily timeframe on August 19 breaking through $22,400, and the trend is bearish now. The market has been in the correction wave for the last several days.

This correction has already formed the new support. Its borders are $20,840 – $20,769. This price zone will be the target for the bearish movement continuation after the correction is finished.

In case of successful development of the trend, a more distant target will be on the lows of July 11 – 14, where the next support is located with the borders of $18,905 – $19,288.

Signals to sell will be relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of August 12 – 15. The borders of this resistance are $24,460 – $25,212. The new resistance will be formed if the bearish candle is closed today.

NEAR (NEAR/USDT)

The market remains in the uptrend on the Daily timeframe. The market has been in the deep correction for the last few days. The price hit the support level with the borders of $4.18 – $3.95 and the pullback was formed.

A pullback buying opportunity was formed since the bullish candle was closed around this price level. The target for the bullish movement continuation is the resistance level with the borders of $5.97 – $6.20 formed on August 10 – 14.

Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of July 31 – August 4.

Binance Coin (BNB/USDT)

The market is in the uptrend on the Daily timeframe. The market has been in the deep correction for the last few days. The price reached the support level with the borders of $275 – $282.5 and the pullback was formed. A pullback buying opportunity on the Daily timeframe was formed.

The movement in recent days has formed a new support level, the lower border of which practically coincides with the previous support low.

The next target for the bullish movement is the resistance level with the borders of $330 – $336.8, formed on August 7 – 14.

If the market is closed above this resistance successfully, the price is likely to move forward to the target #2 – it is the resistance level with the borders of $402 – $413 formed on May 4 – 5.

Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of August 19 – 21. The borders of this support are $276 – $279.

Dogecoin (DOGE/USDT)

Dogecoin is in the bullish trend on the Daily timeframe. The market was in the correction wave and reached the support level with the borders of $0.066 – $0.065.

A pullback buying opportunity was formed after the bullish candle on the Daily timeframe was closed around the support.

The main target for the bullish movement is the resistance level formed on August 16 – 18. Its borders are $0.086 – $0.089.

Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of August 2 – 5.

When breaking through the support, the trend will reverse and we should look for selling opportunities. However, downside potential is limited as the next support is very close.

Polkadot (DOT/USDT)

The support level was broken on the Daily timeframe on August 19 breaking through $7.68, and the trend is bearish now. The market has been in the correction wave for the last several days.

A pullback selling opportunity will appear after the correction is finished and a bearish candle is formed on the Daily timeframe.

If the downward movement continues, then the price can move towards target #1. It is the support level formed on July 25 – 27. Its borders are $6.71 – $6.52. If the new support is formed in the coming days, it will be the first target.

Short positions will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of August 10 – 15.

Bottom Line

In terms of medium-term trading, tokens with the correction close to completion on the Daily timeframe and with potentially the most promising risk-reward ratio are NEAR and DOGE.

In the near future, many tokens will provide excellent opportunities to enter the market with a huge reward / risk ratio.

We used support and resistance levels for the analysis in this market overview.
FYI. We are building an indicator that will automatically plot key levels on all timeframes on all popular tokens..

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