Weekly market recap (from Aug 22nd to Aug 28th)
Powell spoke at the Jackson Hole conference last week. There were no extra hawkish or dovish surprises in the content. He repeated the Fed’s determination to reduce inflation and that monetary policy will depend on economic data. During the course of the presentation, financial assets fluctuated but did not trend.
On this Friday, the US will release employment data for August, and if the actual value does not deviate significantly from the expected value, there will be little effect on financial assets. Although the DXY has hit other financial assets in the past few weeks, it is certain that the Fed’s interest rate hike is gradually coming to an end. Be patient and have a good attitude.
BTC
After the dump, BTC once again entered a new epoch of low volatility, and the price remained fluctuating within a new narrow range. At the beginning of the range, candles have long pin-bars, but gradually, subsequent candles have short pin-bars. The bulls and bears have formed a tacit agreement. The trading volume last week maintained the previous average.
Conclusion: Mostly fluctuation. BTC remains neutral on a large scale. The power of bulls and bears has weakened, so we think BTC will keep fluctuating again. We maintain the previous resistance level at 28000 and the support level at 25000.
🤖AI-TradeGenius:
·Defensive Nexus Shield
The indicator judged a bearish trend.
·Trend Sentinel Barrier
Indicators are frequently reversed. BTC may enter fluctuation.
·KD Momentum Matrix
The indicator is judged as weak momentum. BTC may keep fluctuating.
In summary, BTC is likely to fluctuate. It is recommended not to change any positions until the price forms a clear breakout.
ETH
ETH and BTC are in almost the same situation. After the dump, the volatility decreases. ETH remained in a new range. Different from BTC, the bulls of ETH seem to be weaker, and the price movement is more like a small drop with fluctuation. Bears decayed in the process, but bulls did not strengthen. Despite a longer pin-bar last week, ETH did not effectively break through the Jun.15 low.
Conclusion: Mostly fluctuation. We draw this conclusion based on the fact that both bulls and bears are currently weak. ETH remains neutral on a large scale. We maintain the previous resistance level at 1820 and the support level at 1500.
🤖AI-TradeGenius:
·Defensive Nexus Shield
The indicator judged a bearish trend.
·Trend Sentinel Barrier
The indicator judged a bearish trend.
·KD Momentum Matrix
The indicator is judged as weak momentum.
In summary, ETH is likely to fall. It is recommended not to change any positions until the price forms a clear breakout.
SOL
After our recap was published last week, SOL continued to fall with fluctuation, and the price was close to 20. During this process, the trading volume is invalidated. While the pace of decline has slowed, the bulls have not strengthened. You can find that there were not many green candles last week, the subsequent candles were shorter, and the high point of the rebound gradually decreased. This is a manifestation of the lack of strength of the bulls.
Conclusion: Mostly falling. SOL remains neutral on a large scale. But bears are weaker than bulls. So we come to this conclusion. We maintain the previous resistance level at 26 and the support level at 19.
🤖AI-TradeGenius:
·Defensive Nexus Shield
The indicator judged a bearish trend.
·Trend Sentinel Barrier
The indicator judges a bearish trend.
·KD Momentum Matrix
The indicator is judged as weak momentum.
In summary, SOL is likely to fall. It is recommended not to change any positions until the price forms a clear breakout.
Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions based on the information contained in the article are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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