This is a daily analysis of the Coendesk analyst and rented market technician Omkar Godbole.
Bitcoin: Powell brings lower bassist
Bitcoin It has turned back to the levels seen for the last time before Friday Friday of the President of the Federal Reserve of the Federal Reserve, establish expectations for a possible reduction of rates in September.
At the time of writing this article, BTC is quoted just above $ 112,000, after having reached its maximum point at around $ 117,440 on Friday. The technical scrutiny of the daily table reveals that the recoil of the $ 117,000 peak has established a lower maximum in proximity to the resistance line defined by the previous bullish trend line that originates in the minimum of April.
This lowest high level reinforces the rendering of the previous trend line, indicating a continuation of the bass price action. Complementing this observation, Guppy’s multiple mobile average (GMMA) The indicator is ready to confirm a change in bassist impulse, highlighted by the imminent crossover of the short -term exponential mobile averages (Blanca Band) Under long -term averages (Red Band).
In the weekly table, the MACD histogram has started the new negotiation week with a sub-cero reading, highlighting the possible acceleration of the downward impulse.
In summary, what does it say about a market that not only resists a sustainable manifestation in the back of favorable news, such as Powell’s speech, but also maintains a series of bass technical patterns? I will leave it at the discretion of the readers.
The key technical support is at the level of $ 110,756, corresponding to the lower limit of the Ichimoku cloud, with a more substantial support zone marked by the simple mobile average of 200 days about $ 100,000. On the contrary, claiming the maximum of Friday from $ 117,440 is essential to resurrect the upward case.
- Support: $ 110,756, $ 100,887, $ 100,000.
- Endurance: $ 117,440, $ 120,000, $ 122,056.
Ether: Loss of ascending impulse
Ether (Eth) He printed a doji candle with a prominent superior wick on Sunday, pointing out the indecision of the market in maximum records. This candle pattern is formed when opening and closing prices converge, reflecting a dead point between buyers and vendors.
However, the relatively long upper shadow, in this case, means that the bull’s attempts to boost the highest prices of the bears, which managed to remove the price before closing.
While the doji itself does not guarantee a reversal, it highlights uncertainty and a possible loss of ascending impulse. It guarantees caution, since it often precedes a possible investment or a consolidation phase where the market expects more catalysts for management.
A setback seems likely, since the 14 -day relative force index continued to print lower maximums over the weekend, contradicting the new high price. The so -called bassist divergence indicates an ascending impulse loss often produces corrections.
Interestingly, Ether quoted 3% below the day at $ 4,624 at the time of the publication, with graphics that indicate support of $ 4,065, the level from which ETH rose more on August 20.
- Support: $ 4,065, $ 4,000, $ 3,805 (The 50 -day SMA).
- Endurance: $ 5,000, maximum record.
Read more: Bitcoin reverses Powell Spike with a flash block since market options indicate nerves ahead
