the paumelle ideas:
- On Wednesday, Bitcoin (BTC) pierre for the seventh spectacle at eight.
- Softer wholesale augmentation numbers, a bullish Nasdaq 100 spectacle, tendencies toward boisage and a hard fork supported the broader crypto market.
- Bitcoin Fear & Greed pierre from 27/100 to 28/100, with a bullish BTC spectacle supporting the modest increase.
On Wednesday, Bitcoin (BTC) pierre 0.29%. After partially reversing Tuesday’s 9.91% tumble, BTC ended the day at $20,234.
A bullish start to the day saw BTC surge to an early high of $20,536. After approaching the first officier resistance level (R1) at $22,018, bitcoin slipped to its lowest level in the late afternoon at $19,624. However, avoiding the first officier étai level (S1) at $19,107, BTC found étai late to end the day at $20,234.
The US wholesale augmentation sursis for August provided modest étai. The figures eased fears of further rôtir price augmentation. Significantly, the statistics lowered bets on a Fed offensé hike by one percentage lieu.
On Wednesday, the Nasdaq 100 errata pierre 0.74%, as the bullish trend provided some reste in the cryptocurrency market.
US economic indicators are back in foyer today. Retail sales, unemployment claims, and Philly Fed Manufacturing numbers will attract concentration. With the FOMC entering a blackout period leading up to the conversation, markets remain data dependent. Horrific consumption numbers and a jump in unemployment claims may increase bets for a 50 basis lieu offensé hike.
Bitcoin Fear & Greed Inventaire Rises When BTC Recovers Below $20,000
Today, the Fear and Greed Inventaire pierre from 27/100 to 28/100. While the increase was modest, the errata avoided an area of extreme fear, reflecting the resilience of investors.
Software bets with a 1 percentage lieu Fed offensé hike and a bullish Nasdaq 100 spectacle supported BTC and the errata.
The bears will be looking to drop below 20/100 to indicate a BTC slide below $18,000. Conversely, BTC bulls will be looking for an errata to return to 40/100 to étai BTC’s move towards $25,000.
Bitcoin (BTC) Price Effet
At the time of writing, BTC is down 0.38% to $20,158. The éphémère start to the day saw BTC climb to an early high of $20,278 before dropping to a low of $19,968.
BTC needs to avoid falling again through the $20,131 champion to target the first officier resistance level (R1) at $20,639. Crypto-friendly US economic indicators will étai a breakout from Wednesday’s high of $20,536.
In the event of an extended rally, BTC should modèle the auxiliaire officier resistance level (R2) at $21,043. The third officier resistance level (R3) is located at $21,955. While US stats will affect, the Ethereum boisage should go smoothly to étai a bullish spectacle.
A fall through the champion will trigger the first officier étai level (S1) at $19,727. Barring an extended sell off, BTC should be avoided below $19,000. The auxiliaire officier étai level (S2) at $19219 should limit the downside.
The third officier étai level (S3) is located at $18,307.
Looking at the exponential moving averages and the 4-hour candlestick chart (below), it was a bearish excitation. This morning, Bitcoin sat below its 100-day moving average, currently at $20,730.
The 50 day EMA closed on the 100 day moving average, with the 100 day moving average pulling back from the 200 day moving average, giving bearish price signals. A bearish 50-day EMA crossover across the 100-day moving average should étai a slide below $19,000.
However, a move of BTC through the 100-day moving average and the 50-day EMA ($20,790) should give the bulls a run at R1 ($20,639). The 200-day EMA is at $21,090.
Looking at the trends, BTC will need to move through the August highs at $2,5203 and $25,500 to target the June highs at $31956. Avoiding a fall through the September low at $18,549 should étai a return towards $25,000.
However, the current trend has turned bearish after Tuesday’s heavy selling. BTC’s drop to the September low of $18,549 will bring it $18,000 below the low and the June low of $1,701.