What Do You Call a Market That Fails to Rally on Positive Catalysts?
The post What Do You Call a Market That Fails to Rally on Positive Catalysts? appeared on BitcoinEthereumNews.com. This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole. Bitcoin: Powell brings bearish lower high Bitcoin BTC$115,244.11 has retraced to levels last seen before Federal Reserve Chair Jerome Powell’s dovish remarks on Friday, which set expectations for a potential rate cut in September. At the time of writing, BTC is trading just above $112,000, having peaked at around $117,440 on Friday. Technical scrutiny of the daily chart reveals that the pullback from the $117,000 peak has established a lower high in close proximity to the resistance line defined by the previous bullish trendline originating from the April lows. This lower high reinforces the prior trendline breakdown, signaling a continuation of bearish price action. Complementing this observation, the Guppy Multiple Moving Average (GMMA) indicator is poised to confirm a bearish momentum shift, highlighted by the imminent crossover of the short-term exponential moving averages (white band) below the longer-term averages (red band). On the weekly chart, the MACD histogram has initiated the new trading week with a sub-zero reading, highlighting the potential acceleration of downward momentum. BTC’s daily chart. (TradingView/CoinDesk) In summary, what do you say about a market that not only resists a sustainable rally on the back of favorable news – such as Powell’s speech – but also maintains a series of bearish technical patterns? I’ll leave it to the readers’ discretion. Key technical support lies at the $110,756 level, corresponding to the lower boundary of the Ichimoku cloud, with a more substantial support zone marked by the 200-day simple moving average near $100,000. Conversely, reclaiming Friday’s high of $117,440 is essential to resurrect the bullish case. Support: $110,756, $100,887, $100,000. Resistance: $117,440, $120,000, $122,056. Ether: Loss of upward momentum Ether (ETH) printed a doji candle with a prominent upper wick on Sunday, signaling market…
The post What Do You Call a Market That Fails to Rally on Positive Catalysts? appeared on BitcoinEthereumNews.com.
This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole. Bitcoin: Powell brings bearish lower high Bitcoin BTC$115,244.11 has retraced to levels last seen before Federal Reserve Chair Jerome Powell’s dovish remarks on Friday, which set expectations for a potential rate cut in September. At the time of writing, BTC is trading just above $112,000, having peaked at around $117,440 on Friday. Technical scrutiny of the daily chart reveals that the pullback from the $117,000 peak has established a lower high in close proximity to the resistance line defined by the previous bullish trendline originating from the April lows. This lower high reinforces the prior trendline breakdown, signaling a continuation of bearish price action. Complementing this observation, the Guppy Multiple Moving Average (GMMA) indicator is poised to confirm a bearish momentum shift, highlighted by the imminent crossover of the short-term exponential moving averages (white band) below the longer-term averages (red band). On the weekly chart, the MACD histogram has initiated the new trading week with a sub-zero reading, highlighting the potential acceleration of downward momentum. BTC’s daily chart. (TradingView/CoinDesk) In summary, what do you say about a market that not only resists a sustainable rally on the back of favorable news – such as Powell’s speech – but also maintains a series of bearish technical patterns? I’ll leave it to the readers’ discretion. Key technical support lies at the $110,756 level, corresponding to the lower boundary of the Ichimoku cloud, with a more substantial support zone marked by the 200-day simple moving average near $100,000. Conversely, reclaiming Friday’s high of $117,440 is essential to resurrect the bullish case. Support: $110,756, $100,887, $100,000. Resistance: $117,440, $120,000, $122,056. Ether: Loss of upward momentum Ether (ETH) printed a doji candle with a prominent upper wick on Sunday, signaling market…
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