Cryptonaire weekly magazine 249th edition is out now
The United States Federal Reserve Chair Jerome Powell dashed hopes of any slowdown in the central bank’s aggressive monetary tightening in his speech at The Jackson Hole Symposium on August 26. Powell said that curbing inflation “requires using our tools forcefully to bring demand and supply into better balance." He also warned that higher interest rates may “bring some pain to households and businesses.”
The central bank’s tightening has been negative for risky assets but the US dollar index (DXY) has been in a strong uptrend with no signs of topping out. There is a minor resistance near 110 but if this level is crossed, the DXY could continue its parabolic move and surge toward 120 as there is no major resistance in between. If that happens, the equities markets and crypto markets may remain under pressure as these assets generally have a strong inverse correlation with the DXY.
We warned traders in our previous analysis that a shallow rebound off the strong support of $20,715 showed that demand was drying up at higher levels. Bitcoin turned down sharply from the 20-day exponential moving average (EMA) and plunged below the $20,715 support on August 26.
The bulls are attempting to push the price back into the range but may face stiff resistance at the breakdown level of $20,715. If the price turns down from this level, it will suggest that the bears have flipped the level into resistance.
That could increase the likelihood of a drop to $18,600 and then to the June 18 intraday low of $17,567.45. The bears will have to sink the price below this crucial support to signal the resumption of the downtrend.
Alternatively, if bulls push the price back above $20,715, it will suggest strong demand at lower levels. The moving averages may pose a strong challenge but if bulls overcome this barrier, the pair could attempt a rally to the resistance of the range at $24,666.
A break and close above the $25,000 level will be the first sign that the pair may have bottomed out. Until then, the pair could remain in a bottoming formation.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
Featuring in this weeks Edition:
- Medabots
- HoneyWood
- MetaBrewSociety
- Age of Zalmoxis
- indu4.0
- PlutusFi
- Globiance
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The End of the Texas Bitcoin Mining Gold Rush
Argentine Province Allows Millions to Pay Taxes Using Stablecoins
Ripple CEO Brad Garlinghouse Addresses Rumors Spread by Alleged Whistleblower
MetaBrewSociety: A fusion of a beer company and NFT
Age of Zalmoxis: Ancient Fantasy Play and Earn Game
indu4.0: Revolutionizing the Manufacturing Industry with Blockchain Technology
PlutusFi – A crypto trading platform with advanced trading bots!
Age of Zalmoxis: Game Metaverse
