“Bitcoin has retraced to pre-povell levels, Maintening Bearish Technical Setup.”, – WRITE: www.coindesk.com
Bitcoin: Powell Brings Bearish Lower HighBitcoin BTC$ 111 613.62 have retraced to levels Last Seen Before Federal Reserve Chair Jerome Powell’s Dovish Remarks on Friday, Which Set Expectations for a Potential Rate Cut in September.
At the Time of Writing, BTC is Trading Just Above $ 112,000, Having Peakd at AT AROOUND $ 117.440 on Friday. Technical Scrutiny of the Daily Chart Reveals That PullBack from The $ 117,000 Peak Has Establized a Lower High In Close Proximity to The Resistance Line Defined by The Previoses Bullish Trevio. Lows.
This Lower High Reinforces the Prior Trendline Breakdown, Signaling a Continination of Bearish Price Action. Complementing This Observation, The Guppy Multiple MOVING AVERAGE (GMMA) INDICATOR IS POified to Confirm A Bearish Momentum Shift, Highlightned by The ImMinent Crosso. Band) Below The Longer-Term Averages (Red Band).
On the Weekly Chart, The MacD Histogram Has Initated the New Trading Week with a Sub-Zero Reading, Highlighting the Potential Acceleration of Downward Momentum.
BTC’s Daily Chart. (TradingView/Coindesk)
In Summary, What do you say about a market that not on only resists a sustainable raly on the back of favorable News – Such as Powell’s Speech – But Also Maintains ASERIESHNESH. I’ll Leave It to the Readers’ Discretion.
Key Technical Support Lies at the $ 110.756 Level, Corresponing to the Lower Boundary of the Ichimoku Cloud, with A More Substantial Support Zone by the 200 Conversely, Reclaiming Friday’s High of $ 117.440 is essential to resurret the Bullish Case.
- Support: $ 110.756, $ 100.887, $ 100,000.
- Resistance: $ 117.440, $ 120,000, $ 122.056.
Ether: Loss of Upward MomentumETHER (ETH) Printed A Doji Candle with A Prominent Upper Wick On Sunday, Signaling Market Indecision at Record Highs. This Candlestick Pattern Forms WHEN OPENING AND CLOSING PRICES CONVERGE, REFLECTING A STALEMATE BETWEEN BUYERS AND SELERS.
However, The Relative Long Upper Shadow, in this Case, Means that Bull’s Attempts to Push Prices Higher Faced Significant Pushback from Bears, Who Managed To -Co -Back.
While the doji ittself does not guarantee a reversal, It Highlights Uncertainty and A Possible Loss of Upward Momentum. IT Warrants CAUTION AS IT OFTEN Precedes a Potential Reversal or A Consolidation Phase The Market Awaits Further Catalysts for Direction.
Eth’s Daily Chart. (TradingView/Coindesk)
A PullBack Appears Likely, as The 14-Day Relative Strength Index Continued to Print Lower Highs Over the Weekend, Contradicting the New Price High. The So-Called Bearish Divergence Indicates A Loss of Advard Momentum and Onthen Yields Corrections.
Interestingly, Ether Traded 3% Lower On the Day at $ 4,624 at Press Time, with Charts Indicating Support at $ 4,065, The Level from Which Eth Turned Higher on August 20.
- Support: $ 4,065, $ 4,000, $ 3.805 (The 50-Day SMA).
- Resistance: $ 5,000, Record Highs.
Read More: Bitcoin Reverses Powell Spike With A Flash Crash as Options Market Signals Jitters Ahead
Omkar Holds A Master’s Degree in Finance and A Charterred Market Technician (CMT) Designation.
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