Wednesday, August 31, 2022

Will Bitcoin Extends its Decline in September

Will Bitcoin Extends its Decline in September
 
 

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The United States Federal Reserve Chair Jerome Powell dashed hopes of any slowdown in the central bank’s aggressive monetary tightening in his speech at The Jackson Hole Symposium on August 26. Powell said that curbing inflation “requires using our tools forcefully to bring demand and supply into better balance." He also warned that higher interest rates may “bring some pain to households and businesses.”

We warned traders in our previous analysis that a shallow rebound off the strong support of $20,715 showed that demand was drying up at higher levels. Bitcoin turned down sharply from the 20-day exponential moving average (EMA) and plunged below the $20,715 support on August 26.

KEY TRADING LEVELS

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BITCOIN - BTC/USD
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ETHEREUM - ETH/USD
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BINANCE - BNB/USD

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