This is a daily analysis of Coindesk analyst and the approved market technician Omkar Godbole.
Bitcoin: Powell brings the bass of the bass
Bitcoin found itself at levels seen for the last time before the president of the federal reserve, Jerome Powell, the DEVATED remarks of Jerome Powell on Friday, which established expectations for a drop in potential rate in September.
At the time of writing this document, BTC is negotiated just above $ 112,000, having peaked at around $ 117,440 on Friday. The technical examination of the daily graphic reveals that the withdrawal of the peak of $ 117,000 has established a lower summit near the resistance line defined by the previous trend line from April stockings.
This lower strengthens the previous ventilation of the trend line, signaling a continuation of the action of lowering prices. Completing this observation, the Multiple Multiple Guepy average (GMMA) The indicator is about to confirm a change in sloping momentum, highlighted by the imminent crossing of the short -term exponential movable means (white strip) Under the long term averages (red strip).
On the weekly graphic, the MacD histogram launched the new week of negotiation with a less than zero reading, highlighting the potential acceleration of the momentum.
In summary, what do you say about a market that not only resists a lasting gathering on the back of favorable news – like Powell’s speech – but also retains a series of lower lower technical models? I will leave the discretion of the readers.
The key technical support is at $ 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 almost $ 100,000. Conversely, the recovery of $ 117,440 on Friday is essential to resuscitate the bullish affair.
- Support: $ 110,756, $ 100,887, $ 100,000.
- Resistance: $ 117,440, $ 120,000, $ 122,056.
Ether: loss of momentum upwards
Ether (Eth) Printed a doji candle with a superior wick prominent on Sunday, signaling the indecision of the market at record summits. This candlestick model is formed when the converging opening and fence prices, reflecting a dead end between buyers and sellers.
However, the relatively long upper shadow, in this case, means that the Taurus attempts to push higher prices faced significant repression of Bears, which managed to reduce the price before the fence.
Although the Doji itself does not guarantee a reversal, it highlights the uncertainty and a possible loss of the ascending momentum. It guarantees caution because it often precedes a potential reversal or a consolidation phase where the market awaits other management catalysts.
A withdrawal appears likely, as the 14-day relative force index continued to print upper lower than weekends, contradicting the new high price. The divergence known as the bearish indicates a loss of ascending dynamics and often gives corrections.
Interestingly, Ether exchanged 3% less during the day at $ 4,624 at the time of the press, the graphs indicating support at $ 4,065, the level from which the ETH became higher on August 20.
- Support: $ 4,065, $ 4,000, $ 3,805 (the 50 -day SMA).
- Resistance: $ 5,000, record heights.
Read more: Reverse Bitcoin Powell Spike with a flash crash because the options signal the market in advance
