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!

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The selling picked up momentum after the US Bureau of Labor Statistics reported on June 10 that the consumer price index soared 8.6% for the 12 months ending May, the largest annual increase since December 1981. The sell-off in the equity markets continued on June 13 and the S&P 500 fell into the bear market territory.

After the fall in Bitcoin, MicroStrategy’s stash of 129,219 Bitcoins purchased at $3.97 billion is valued at $2.82 billion and Tesla’s Bitcoin holding acquired at $1.5 billion is valued at $945 million, according to Bitcoin Treasuries. Talks of MicroStrategy facing margin calls below $21,000 have been doing rounds but the firm’s CEO Michael Saylor previously said that Bitcoin will have to drop below $3,500 before it becomes a problem.

We had suggested in our previous analysis that if Bitcoin plummets below $25,338, it could drop to $20,000. That is what happened and Bitcoin dropped to $20,816.40 on June 14. The bulls are expected to defend the $20,000 support with all their might.

The sharp fall of the past few days has sent the relative strength index deep into the oversold territory. This suggests that the selling may have been overdone in the short term and a relief rally is likely.

If the price rebounds off the current level, the BTC/USD pair could rise to $25,338 and then to $28,800. The bears will try to flip this zone into resistance. If they do that, it will suggest that the sentiment remains negative and traders are selling on rallies.

The bears will then again attempt to resume the downtrend. A break below $20,000 could open the doors for a possible decline to $15,000 but we give it a low possibility of occurring.

On the upside, the bulls will have to push the price above the 20-day exponential moving average (EMA) to indicate that the sellers may be losing their grip. A potential trend change will be signalled if bulls push the pair above $32,646.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

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