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

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

The United States equities markets plunged on Aug. 26 following Federal Reserve Chair Jerome Powell’s speech, where he reiterated the central bank’s hawkish stance. Continuing its correlation with the equities market, Bitcoin (BTC) and the cryptocurrency markets also witnessed a sharp selloff on Aug. 26.

Bitcoin has declined about 14% this month, making it the worst performance for August since 2015, when the price had dropped 18.67%. That may be bad news for investors because September has a dubious record of a 6% average loss since 2013, according to data from CoinGlass.

Crypto market data daily view. Source: Coin360

Although buying in a down-trending market is not a good strategy, traders can keep a close watch on cryptocurrencies that are outperforming the markets because, in case of any turnaround, these are likely to be the first off the block. In a bear market, traders should be patient because they are highly likely to find plenty of opportunities to buy after the market stabilizes.

What are the critical levels to watch on Bitcoin? If it stages a turnaround, what are the cryptocurrencies that may outperform in the short term? Let’s study five cryptocurrencies that are looking strong on the charts.