This is a daily analysis of the Coendesk analyst and rented market technician Omkar Godbole.
DXY VS BTC
Last week, the Federal Reserve (Fed) He delivered his first interest rate cut since December, while indicating more in the coming months. However, despite this movement of deceptions, the dollar index (DXY)which tracks the value of the Greenback against the main currencies, ended the week with a Dragonfly Doji in the weekly table, a classic bullish investment signal that suggests a USD rally ahead.
Dragonfly Doji obtains her name from her distinctive form of “T”, which resembles the delicate wings of a dragonfly or the blade of a bamboo toy. This pattern is formed when the open, high and closed prices are almost identical, accompanied by a long and lower shadow that reflects a strong decrease in the price that is quickly invested due to the purchase pressure.
The DXY initially fell into the news of the Fed tariff cut, submerging briefly below the minimum of July 96.37, only to recover and end the week largely unchanged in 97.65, backed by resilience in the yields of the United States Treasury.
The appearance of Dragonfly Doji after a notable bearish trend and with critical support, as in the case of DXY, suggests an imminent upward change in the market trend.
Traditionally, the strength of the dollar corresponds to the weakness in the risk assets called dollars and broader, establishing an interesting stage for next week.
Bitcoin He reflected this theme in the week that ended on September 21, forming an undecided doji candle in the critical resistance marked by the trend line of the 2017 and 2021 bullish market. Since this doji appeared in such a line of so significant tendency in the long term, it leans more bassist, which indicates doubts between the bulls to lead the action of the price and the renewed sale pressure of the key obstacle.
In the daily table, BTC is causing a movement below the Ichimoku cloud, with the trend line extracted from September 1 that were violated, which implies a possible risk of inconvenience.
The first support line is seen at $ 114,473, the single mobile average of 50 days, followed by September 1, about $ 107,300 is reduced. The maximum of last week of $ 118,000 must be exceeded to weaken the bearish case.
Ether range
Ether (Eth) He faces his own technical dilemma; Little below the lower end of the hiring triangle pattern in the daily table, which suggests a renewed domain of the seller and potential for deeper losses. The breakdown has focused on the minimum of August 20, $ 4,062 followed by the psychological support of $ 4,000. The maximum of 24 hours of $ 4,458 is the level to overcome the bulls.
Basist XRP Macd Flips
Meanwhile, XRP presents a frustrating image for bulls. Despite the recent debut of an ETF XRP in the USA. UU. On Thursday, the MACD indicator has crossed Bearish in the weekly table, indicating a bias down renewed. The price indicates that XRP is returning to the upper limit of a descending triangle in the daily table. Although there was an attempt break last week, it failed to light a sustained demonstration, leaving the cautious merchants.
Focus on Fed Speak and PCE
This week, the president of the Fed, Jerome Powell, and nine other officials are scheduled to speak, and the markets probably observe the same for the signals about the trajectory of the interest rate. While Fed reduction rates last week, pointing out more relieved, Powell threw cold water on optimism by emphasizing a data dependent posture.
The appointment of President Donald Trump, Stephen Miran, will also talk about his independence as a policy manufacturer, having disagreed in favor of a rate cut of 50 darkening basic points last week.
On Friday, the US PCE Core index. UU., The preferred inflation measure of the Fed, is scheduled to be launched. According to Amberdata, the data is expected to show that inflation increased by 2.7% year -on -year, with a nucleus jump 2.9% in August, marking a slight increase of the previous month.
