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Here are 5 cryptocurrencies with bullish setups that are on the verge of crashing

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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 be 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 dampened hopes that the era of aggressive rate hikes is over.

Daily view of crypto market data. Source: Coin360

Weakening sentiment dragged 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.