“Impending Federal Reserve Speeches and the UpcomING PCE REPORT COURT ADD TO Market Volatility.”, – WRITE: www.coindesk.com
DXY VS BTCLast Week, The Federal Reserve (Fed) Delivered ITS FIRST INTEREST RATE RATE CUT CUT SINCE DECEMBER, WHILE SIGNING MORE EASING IN THE COMING MONHS. Yet, Despite this Dovish Move, The Dollar Index (DXY), WHICH TRACKS The GREENBACK’S VALUE AGAINST MAJOR CURRINCIES, FINISHED THE WEEK WITH A Dragonfly Doji on the Weekly. Suggesting A USD Rally Ahead.
The Dragonfly Doji Gets ITS NAME FROM ITS DISTINCTIVE “T” Shape, WHICH RESEMBLES The Delicate Wings of a Dragonfly or the Babo-Copter Toy. This Pattern Forms Who The Open, High, and Close Prices Are Nearly Identical, ACCOMPANIED BY A Long Lower Shadow That Reflects A SHARP PRICE DECLINE DECLINE QUICKLY REVERSED BYing Press. The DXY INITIALLY FELL ON THE NEWS OF THE FED RATE CUT, BRIEFLY DIPRING BLOW The JULY LOW OF 96.37, Only to Bounnce Back and End the Week Largely UnCAGED AT 97.65, Support
The appenerance of the dragonfly doji after a notable Downntrend and at Critical Support, As in Dxy’s Case, Suggests An Impending Bullish Shift in The Market Trend.
Traditionally, Dollar Strenguth Corresponds with Weakness in Dollar-Denominated and Broader Risk Assets, Setting An Interesting Stage for The Week AHEAD.
DXY AND BTC FLASH OPPOSING SIGNALS. (TradingView/Coindesk)
Bitcoin BTC$ 114.539.27 Mirrored this theme in the weekeek ended sept. 21, Forming An Indecisive Doji Candle at the Critical Resistance Marked by the Trendline From 2017 and 2021 Bull Market Peaks. Given this doji appeared at Such A Significant Long-Trendline, IT Leans More Bearish, Signaling Hesitation Among Bulls to Lead The Price Accium and Renewed Selling Press.
On the Daily Chart, BTC Are Telling a Move Below The Ichimoku Cloud, with The Trendline Drawn from Sept. 1 Lows Breached, Implying Potential Downside Risk.
The First Line of Support Is Seen At $ 114,473, The 50-Day Simple Moving Average, Followed by Sept. 1 Lows Near $ 107,300. The Past Week’s High of $ 118,000 Needs to be Overcome to Weaken the Bearish Case.
BTC HAS LOST The Trendline Support. (TradingView/Coindesk)
Ether Range BreakdownETHER (ETH) FAES ITS OWN Technical Dilemma; IT Hoivers Below The Lower End of the Contracting Triangle Pattern on the Daily Chart, Suggesting Renewed Seller Dominance and Potential for Deteper Losses. The Breakdown Has Put Focus on the Aug. 20 Low of $ 4,062 Followed by the Psychological Support of $ 4,000. The 24-Hour of High of $ 4,458 is the level to beat for the bulls.
Eth’s Contracting Price Range Has Resolved Bearishly. (TradingView/Coindesk)
Xrp’s Macd Flips BearishMeanwhile, XRP Presents A FrUSTRATING PICTURE FOR BULLS. Despite the recent of dBut of an xrp etf in the us on thursday, the Macd Indicator Has Crossed Bearish on the Weekly Chart, Indicating A Renewed Downside Bias. Price Indicates that XRP is sliping back to the upr boundary of a descending triangle on the Daily Chart. ALTHOUGH A TENTATIVE BREAKOUT OCCURRED LAST WEEK, IT FAILED TO IGNITE A SUSTAINED Rally, Leaving Traders Cautious.
XRP remains Under pressure with macd turning bearish. (TradingView/Coindesk)
Focus on the Fed Speak and PCEThis Week, Fed Chairman Jerome Powell and Nine Other Officials Are Screduled To Speak, with Markets Likely to Closely Watch the Same for Cues on the Interest Rate Tradery. While the Fed Cuts Last Week, Signaling More EASING AHEAD, POWELL Threw Cold Water Over Optimism by Stressing A Data-Dependent Stance.
President Donald Trump Appointee Stephen Miran Will Also Speak of His Independence As A Policymaker, Having Dissented in Favor of An Outsized 50 Basis Point Rate Cut Last Week.
On Friday, The US Core Pce Index, The Fed’s Preferred Measure of Inflation, Is Schereduled to Be Released. According to Amborda, the Data is Expert to Show that Inflation Rose 2.7% Year-on-Year, with Core Jumping 2.9% in August, Marking A SLIGHT UPTICK FROM The PREVIOUS MONTH.
The Token Hovered Near $ 3.00 for MOST OF THE DAY BEFORE A MIDNIGHT CRASH ERRASED SUPPORT, PLUNGING 2% ON A RECORD 261.22 Million Volume Spike.
- XRP Experienced A 3.46% Drop in A Valatile 24-Hur Period, with Prices Fluctuating Between $ 3.014 and $ 2.910.
- The Launch of the FIRST US-LISTED XRP ETF SAW RECORD-BREAKING VOLUME, BUT InstITIATIONAL PROFIT-Taking LED TO A SELLOFF.
- Analysts Highlight Resistance Near $ 3.00, Despite etf Momentum and Potential Support from Fromal Reserve Policy EASING.
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