This is a sunny review of CoinDesk analyst and chartered market technician Omkar Godbole.
Bitcoin: Powell carries a lower high high
Bitcoin was withdrawn to the levels last seen before Federal Reserve Chairman Jerome Powell on Friday, setting expectations for a potential cutting rate in September.
At the time of writing, the BTC traded just above $ 112,000, which sank around $ 117,440 on Friday. The technical examination of the sun -day chart shows that the pullback from the $ 117,000 climax has established a lower high near the resistance line specified by the previous bullish trendline originating in April lows.
The lower reinforcement of the previously collapse of the trend, which signed a continuation of the bearish price action. Completing this observation, the guppy multiple transition of average (GMMA) The indicator prepared to confirm a bearish momentum shift, which highlighted the upcoming crossover of short-term exponential moves (white band) below the longer averages (Red Band).
In the weekly chart, the MacD Histogram began the new week of trading with sub-zero reading, featuring the potential acceleration of the descending momentum.
In summary, what would you say about a market that not only resistant to a sustainable rally behind the desired news – like Powell’s speech – but also maintains a series of bearish technical patterns? I will leave it to the decision of the readers.
The basic technical support lies at the level of $ 110,756, which is in line with the lower Ichimoku Cloud border, with greater zone support marked with a 200-day simple transfer of average of close to $ 100,000. Conversely, reclaiming a high $ 117,440 is important to survive the bullish case.
- Support: $ 110,756, $ 100,887, $ 100,000.
- Resistance: $ 117,440, $ 120,000, $ 122,056.
Ether: Loss of upward momentum
Ether (Et) A doji candle was printed with a known upper wick on Sunday, which signed an indecision on the market at record highs. This candle pattern forms when opening and closing prices is converted, reflecting a galaxy between buyers and sellers.
However, the relatively long upper shadow, in this case, means that the bull’s attempts to push prices higher face significantly pushing from the bears, which managed to pull the price before close.
While the Doji itself does not guarantee a return -to -back, it highlights uncertainty and a possible loss of upward momentum. It is cautious as it is often preceded by a potential return or a phase of integration in which the market awaits additional catalysts for the direction.
A pullback appears likely, as the 14-day relative power index continues to print lower highs over the weekend, contradicting the new high price. The so -called bearish divergence indicates the loss of upward momentum and often results in corrections.
Noteworthy, the Ether exchanged 3% less than the day at $ 4,624 at the time of the press, with charts indicating the support of $ 4,065, the level at which the ETH increased higher on August 20.
- Support: $ 4,065, $ 4,000, $ 3,805 (the 50-day SMA).
- Resistance: $ 5,000, record highs.
Read more: Bitcoin reverses the Powell Spike with a flash crash as the jitters market options of jitters ahead
