Cryptocurrencies Analysis for August 30

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)
• Ethereum (ETH/USDT)
• Binance Coin (BNB/USDT)
• Uniswap (UNI/USDT)
• Cardano (ADA/USDT)
• Bottom Line

Bitcoin (BTC/USDT)

The market remains in the downtrend. Another low was broken on the Daily timeframe on August 26. It is the price mark of $20,770. The market is in the correction wave now.

This correction has already formed the new support. Its borders are $19,526 – $19,557. 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 21 – 26. The borders of this resistance are $21,890 – $21,570. If the market is closed above these price marks, it will let the price move towards $24,500.

Ethereum (ETH/USDT)

The market remains in the bearish trend on the Daily timeframe. Another low of $1,523 was broken a few days ago. And the correction wave develops.

This correction formed the new support on August 27 – 30. Its borders are $1,422 – $1,426. 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 $1,006 – $1,037.

Short positions will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of August 23 – 26.

Binance Coin (BNB/USDT)

The market is in the uptrend on the Daily timeframe. The price reached the support level and the pullback was formed on August 29. A pullback buying opportunity on the Daily timeframe was formed.

The movement in recent days has formed a new support level with the borders of $272 – $276.

The next target for the bullish movement is the resistance level with the borders of $302 – $307.5, formed on August 25 – 26.

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 $336 – $328.5. formed on August 8 – 14.

Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of August 26 – 29.

Uniswap (UNI/USDT)

Uniswap is in the downtrend on the Daily timeframe. The market is in the correction wave now. A pullback selling opportunity will appear after the bearish candle on the Daily timeframe is closed.

The main target for the bearish movement is the support level formed on August 27 – 29. Its borders are $5.68 – $5.74.

Short positions will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of August 20 – 22.

When breaking through the resistance, the trend will reverse and we should look for buying opportunities. In this case the target will be around the resistance level with the borders of $9.25 – $9.62.

Cardano (ADA/USDT)

Cardano remains in the bear trend on the Daily price chart. The first targets were already reached and the market is in the correction wave now. A pullback selling opportunity will appear after the correction is finished and a bearish candle is formed on the Daily timeframe.

However, a sideways trend is likely to start between the resistance level with the borders of $0.466 – $0.482 and the support level with the borders of $0.423 – $0.430.

The potential for the downward movement is limited since the support level can be reached within one day.

In this case, one should look for a buy entry point after breaking through the resistance level. The target for the upward movement will be around the next resistance level formed on August 13 – 17. The borders of this level are $0.57 – $0.595.

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 BNB.

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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