Crypto Markets Analysis for August 9

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)
• Avalanche (AVAX/USDT)
• Binance Coin (BNB/USDT)
• NEAR (NEAR/USDT)
• Polkadot (DOT/USDT)
• Bottom Line

Bitcoin (BTC/USDT)

The market is in the uptrend on the Daily timeframe starting from July 19, after breaking through the upper border of the resistance level – $21,955.

The price hit the resistance level yesterday and now we observe the correction in the market.

The borders of this resistance are $24,810 – $23,900. This price zone will be the target for the bullish movement continuation after the correction is finished.

In case of successful development of the trend, a more distant target will be on the highs of June 6 – 8, where the next resistance is located with the borders of $31,965 – $31,400.

Signals to buy will be relevant until the market is above the nearest support level on the Daily timeframe, the lows of August 3 – 5. The borders of this support are $22,254 – $22,512.

Avalanche (AVAX/USDT)

The market remains in the uptrend on the Daily timeframe. Another resistance with the borders of $24.38 – $25.76 was broken on August 6. Now we see the beginning of the correction wave after the bullish impulse formation, but the trend is still bullish on the Daily price chart.

A pullback buying opportunity will appear after the correction completion on the Daily timeframe. The high of the yesterday’s candle may be an intermediate target when the upward movement continues.

If the upward movement develops, the next target will be around the resistance formed on May 13 – 18. This is the price range of $36.54 – $38.38.

Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of August 1 – 4. The borders of this support are $21.96 – $22.69.

Binance Coin (BNB/USDT)

The market is in the uptrend on the Daily timeframe. Yesterday the market hit the resistance level with the borders of $322 – $325. This level was the target in the bullish trend. The market failed to break through this level yesterday and started to correct.

A pullback buying opportunity will appear after the correction completion on the Daily chart.

This correction may form another resistance where the high of August 8 will become its upper border.

When the correction is finished and we see the pullback, this price zone will become the target for the bullish movement.

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 July 31 – August 2. The borders of this support are $275 – $282.5.

NEAR (NEAR/USDT)

NEAR is in the bullish trend on the Daily timeframe. Another high of $4.70 was updated on August 5. Now the correction may start in the market.

A pullback buying opportunity will appear after the correction formation on the Daily timeframe. The correction which has just started may form another resistance where the high of August 8 will become its upper border.

The main target for the bullish movement is the resistance level formed on May 30 – June 1. Its borders are $5.96 – $6.22.

Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of July 30 – August 3. The borders of this support are $3.95 – $4.18.

When breaking through the support, the movement potential is limited since the next support is slightly below these levels.

Polkadot (DOT/USDT)

The market is in the uptrend on the Daily timeframe. Another high of $9.27 was updated on August 8. And today the correction has started.

A pullback buying opportunity will appear after the correction is finished and a bullish candle is formed on the Daily timeframe. According to the price chart it may happen in a couple of days.

If the upward movement continues, then the price can move towards the main target #2. It is the resistance level formed on May 29 – June 1. This target is around $10.44 – $10.78.

The longs will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of August 1 – 4.

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 Bitcoin and Polkadot.

Many tokens have already broken the bearish trend and are moving up. Some of them have reached the first targets.

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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