Aug.22-Aug.28BTC(1d)Weekly market recap
Powell spoke at the Jackson Hole conference last week. There were no extra hawkish or dovish surprises in the content. He repeated the Fed's determination to reduce inflation and that monetary policy will depend on economic data. During the course of the presentation, financial assets fluctuated, but did not trend.
On this Friday, the US will release employment data for August, and if the actual value do not deviate significantly from the expected value, there will be little affect on financial assets. Although the DXY has hit other financial assets in the past few weeks, it is certain that the Fed's interest rate hike is gradually coming to an end. Be patient and have a good attitude.
After the dump, BTC once again entered a new epoch of low volatility, and the price remained fluctuating within a new narrow range. At the beginning of the range, candles have long pin-bars, but gradually, subsequent candles have short pin-bars. The bulls and bears have formed a tacit agreement. The trading volume in last week maintained the previous average.
Conclusion: Mostly fluctuation. BTC remains neutral on a large scale. The power of bulls and bears has weakened, so we think BTC will keep fluctuating again. We maintain the previous resistance level at 28000 and support level at 25000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
On this Friday, the US will release employment data for August, and if the actual value do not deviate significantly from the expected value, there will be little affect on financial assets. Although the DXY has hit other financial assets in the past few weeks, it is certain that the Fed's interest rate hike is gradually coming to an end. Be patient and have a good attitude.
After the dump, BTC once again entered a new epoch of low volatility, and the price remained fluctuating within a new narrow range. At the beginning of the range, candles have long pin-bars, but gradually, subsequent candles have short pin-bars. The bulls and bears have formed a tacit agreement. The trading volume in last week maintained the previous average.
Conclusion: Mostly fluctuation. BTC remains neutral on a large scale. The power of bulls and bears has weakened, so we think BTC will keep fluctuating again. We maintain the previous resistance level at 28000 and support level at 25000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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