Cryptonaire weekly magazine 248th edition is out now
The United States equities markets turned down sharply on August 19 after the minutes from the Federal Reserve’s July meeting showed that participants believed “that there was little evidence to date that inflation pressures were subsiding.” Additionally, Federal Reserve Bank of St. Louis President James Bullard said on August 18 that he favored another large rate hike in the September meeting as he did not believe that inflation had peaked.
This stoked fears that the Fed could continue with its aggressive rate hikes. The selling continued on August 22 as market participants speculated that Fed Chairman
Jerome Powell may sound more hawkish during his speech on August 26 at the central banking conference in Jackson Hole.
The deteriorating macro environment and the close correlation with equities markets stalled the recovery in cryptocurrencies. Bitcoin witnessed a sharp drop on August
19 which resulted in liquidations of more than $551 million in a 24-hour period, according to data from crypto analytics platform Coinglass.
The bulls repeatedly pushed the price above the overhead resistance of $24,666 between August 13 to 15 but could not sustain the higher levels. The buyers again tried to clear the overhead hurdle on August 17 but the bears held their ground.
This may have tempted short-term traders to book profits. That pulled the price below the 20-day exponential moving average (EMA), which was the first sign that bulls may be losing their grip.
The selling momentum picked up on August 19 and the BTC/USD pair plunged to the strong support at $20,715. The bulls have successfully defended the level for the past three days but the shallow rebound suggests that demand dries up at higher levels.
The downsloping 20-day EMA and the relative strength index (RSI) in the negative territory indicate advantage to sellers. The bears will again attempt to sink the price below $20,715. If they succeed, the pair could slide to the next support at $18,600. If this level also cracks, the decline could extend to the June 18 intraday low of $17,567.45.
The first sign of strength will be a break and close above the 20-day EMA. Such a move could open the doors for a possible rally to $24,666. A buying opportunity could open for the aggressive traders above $21,800 with the stops placed just below $20,700.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
Featuring in this weeks Edition:
- Medabots
- MetaBrewSociety
- Globiance
- Age of Zalmoxis
- H2O Securities
- Coinhaven
Read More
CRYPTO TRADE OPPORTUNITIES
Data shows Bitcoin and altcoins at risk of a 20% drop to new yearly lows
Ethereum Merge Drama Continues as Traders Pile Out, Then Back In
Invesco Rolls Out New $30 Million Metaverse Fund
Crypto Exchange FTX Witnessed Massive 1,000% Surge in Revenue Last Year, According to Leaked Documents
Medabots: The Ultimate Gaming Universe for Gamers seeking Entertainment and Earning Opportunities.
Free Beer, Multiple Giveaways as MetaBrewSociety’s Very First Mint Event Draws Nearer
Age of Zalmoxis: Game Metaverse
H2O Securities – Blockchain-based solution for water scarcity!
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