Macro Statistics:
NAHB Housing Market Index - 50 (15.08.2023)
Decreased by 6 points compared to the previous month. This index is a good indicator of market changes.
MBA 30-Yr Mortgage Rate - 7.16% (7.09 of the previous week)
The higher the percentages for 30-year mortgages, the more expensive they become, thus fewer people will buy them. This might affect the weakening of the construction sector.
Inflation Rate MoM - 0.2% (also 0.2% of the previous month)
Inflation growth rates are slowing down. From my perspective, this positively affects the possibility of a rate increase on September 20.
Nonfarm Payrolls - Private - 172k in July (128k in the previous month)
The job market remains strong, though minor weakening is observed.
Infoghosts:
I try not to let this section affect my emotional state, but it can be used as a mood indicator.
From the latest major news, I can highlight 3:
- The process of creating a new stablecoin, PYUSD, has begun.
www.cnbc.com/2023/08...cked-stablecoin.html
(My view - currently neutral. In the future, this could become an additional instrument for investing in cryptocurrencies.)
- A new ETF btc spot fund by BlackRock has been established.
youtu.be/_CN1TcQgQwg
(My view - this is a speculative piece of news for now. If approved, it could positively impact the price; if rejected, it might lead to its decrease. This news seems to be receiving a lot of attention, but it's worth remembering that there are already existing ETFs for Bitcoin.)
- Michael Burry has announced opening shorts on the American stock market for a sum of 1.6 billion.
edition.cnn.com/2023...ket-crash/index.html
(My view - many people seek to use his experience for market prediction, but it's worth remembering that stories often turn into legends, and such "signals" can be too risky for trading.)
Bitcoin:
We've experienced a period of consolidation for the past 2 months. This might indicate the accumulation of positions before a potential movement in one direction.
At the beginning of the article, I highlighted macroeconomic data to understand the place of high-risk cryptocurrency today. From a macroeconomic perspective, cryptocurrencies have all the reasons to correct in the near future. From a technical standpoint, we've already "released" after the consolidation period. Therefore, if you plan to open shorts, it might be a prudent approach only after liquidity accumulation at local highs. I also don't exclude the possibility of a retest of the high near 31818, but be prepared for a possible significant drop in the cryptocurrency market.
Any liquidity accumulation for selling could be a good entry point today.
My goal is to monitor improvements in macroeconomic indicators and global liquidity accumulation for buying.
Thank you for your attention and best wishes.
This article does not contain financial recommendations.
NAHB Housing Market Index - 50 (15.08.2023)
Decreased by 6 points compared to the previous month. This index is a good indicator of market changes.
MBA 30-Yr Mortgage Rate - 7.16% (7.09 of the previous week)
The higher the percentages for 30-year mortgages, the more expensive they become, thus fewer people will buy them. This might affect the weakening of the construction sector.
Inflation Rate MoM - 0.2% (also 0.2% of the previous month)
Inflation growth rates are slowing down. From my perspective, this positively affects the possibility of a rate increase on September 20.
Nonfarm Payrolls - Private - 172k in July (128k in the previous month)
The job market remains strong, though minor weakening is observed.
Infoghosts:
I try not to let this section affect my emotional state, but it can be used as a mood indicator.
From the latest major news, I can highlight 3:
- The process of creating a new stablecoin, PYUSD, has begun.
www.cnbc.com/2023/08...cked-stablecoin.html
(My view - currently neutral. In the future, this could become an additional instrument for investing in cryptocurrencies.)
- A new ETF btc spot fund by BlackRock has been established.
youtu.be/_CN1TcQgQwg
(My view - this is a speculative piece of news for now. If approved, it could positively impact the price; if rejected, it might lead to its decrease. This news seems to be receiving a lot of attention, but it's worth remembering that there are already existing ETFs for Bitcoin.)
- Michael Burry has announced opening shorts on the American stock market for a sum of 1.6 billion.
edition.cnn.com/2023...ket-crash/index.html
(My view - many people seek to use his experience for market prediction, but it's worth remembering that stories often turn into legends, and such "signals" can be too risky for trading.)
Bitcoin:
We've experienced a period of consolidation for the past 2 months. This might indicate the accumulation of positions before a potential movement in one direction.
At the beginning of the article, I highlighted macroeconomic data to understand the place of high-risk cryptocurrency today. From a macroeconomic perspective, cryptocurrencies have all the reasons to correct in the near future. From a technical standpoint, we've already "released" after the consolidation period. Therefore, if you plan to open shorts, it might be a prudent approach only after liquidity accumulation at local highs. I also don't exclude the possibility of a retest of the high near 31818, but be prepared for a possible significant drop in the cryptocurrency market.
Any liquidity accumulation for selling could be a good entry point today.
My goal is to monitor improvements in macroeconomic indicators and global liquidity accumulation for buying.
Thank you for your attention and best wishes.
This article does not contain financial recommendations.