During the Jackson Hole meeting, Powell said it was too early to discuss when to slow down the QT unless a sharply fall in CPI could be seen. Hawkish signal was quickly spread through risk assets. But is this really the case? Coincidentally, the PCE data released on Friday morning was the lowest data since October last year, and this economic data was once used by Powell to put off the fire when the CPI hit 40-years-high. But in this time, Powell ignored the PCE and become hawkish. It's hard not to wonder if the Fed is really sticking to a long QT, or is it regulating the short-term market or making a show for the democratic supporters.
Of course, cryptocurrencies and U.S. stocks were hit hard on last Friday. The one-day loss erased the previous six-day gain and continued to fall on last Saturday and Sunday.
BTC price maintains a weak bullish performance after the dumping on Aug. 19. The price seemed to lose its volatility before it dumped again last Friday, and although the volume kept high, the price volatility was unattractive, which has been common phenomenon in the past month. This reflects that BTC is still a follower of ETH. After all, advantage of ETH’s merger has not been broken, but the sudden dump on Aug. 19 is confusing. Then there was another sharp drop on Friday, followed by another rebound on Monday with higher volume.The bulls and the bears are still here.
Conclusion: Mostly fluctuation. In the early performance of last week, it can be seen that the bulls and bears are weak, and the market does not have a clear direction. The decline on Friday, and the heavy volume rose on Monday, indicating that the market is still searching for a direction, but the volatility is more severe than before. We keep the original support level at 19000 and resistance level at 23000 unchanged.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Of course, cryptocurrencies and U.S. stocks were hit hard on last Friday. The one-day loss erased the previous six-day gain and continued to fall on last Saturday and Sunday.
BTC price maintains a weak bullish performance after the dumping on Aug. 19. The price seemed to lose its volatility before it dumped again last Friday, and although the volume kept high, the price volatility was unattractive, which has been common phenomenon in the past month. This reflects that BTC is still a follower of ETH. After all, advantage of ETH’s merger has not been broken, but the sudden dump on Aug. 19 is confusing. Then there was another sharp drop on Friday, followed by another rebound on Monday with higher volume.The bulls and the bears are still here.
Conclusion: Mostly fluctuation. In the early performance of last week, it can be seen that the bulls and bears are weak, and the market does not have a clear direction. The decline on Friday, and the heavy volume rose on Monday, indicating that the market is still searching for a direction, but the volatility is more severe than before. We keep the original support level at 19000 and resistance level at 23000 unchanged.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
