Forex in this article
Sentiment in global markets took a turn for the worse after Powell’s speech at Jackson Hole last Friday. While this decline can be best seen in the stock markets, other assets – such as cryptocurrencies – are also suffering. After a brief relief yesterday, Bitcoin is making another attempt to make a decisive break below $20,000. The most popular cryptocurrency has been trading in a range between $19,500 and $20,500 over the past few days, which is roughly the same size as the previous bullish correction in the current bearish pulse that started on August 15, 2022. The limits of this range are important short-term levels to watch as That a break above the upper bound would, in theory at least, signal a potential uptrend reversal, while a break below the lower bound would indicate a deeper decline in the current short-term – the structure of a longer-term downtrend has been highlighted. Since the correlation between Bitcoin and the S&P 500 has been quite strong lately, it is safe to assume that tomorrow’s NFP report, which is expected to move the stock markets, will also affect the cryptocurrency.
Source: xStation 5
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