bitcoin

A rocky road lies ahead, but here are 5 altcoins that still look bullish


US stock markets plunged on August 26 following Federal Reserve Chairman Jerome Powell’s speech in which he reiterated the central bank’s hawkish stance. Continuing its correlation with the equity market, Bitcoin (BTC) and cryptocurrency markets also saw a strong sell-off on August 26.

Bitcoin is down around 14% this month, making it the worst August performance since 2015, when the price fell 18.67%. This may be bad news for investors as September has a dubious record of an average loss of 6% since 2013, according to data from CoinGlass.

Daily view of crypto market data. Source: Coin360

Although buying in a bear market is not a good strategy, traders can keep a close eye on cryptocurrencies that are outperforming the markets because, in the event of a reversal, they will likely be the first to exit the block. In a bearish market, traders should be patient as they are very likely to find many buying opportunities after the market stabilizes.

What are the critical levels to watch out for in Bitcoin? If it stages a reversal, which cryptocurrencies could outperform in the short term? Let’s study 5 cryptocurrencies that look strong on the charts.