Macro Overview
- US Unemployment Claims (Weekly) : US Unemployment Claims came in lower than expected, signalling some relief in the job market amid rising recession fears. The crypto market responded with a pump following this positive data announcement.
Crypto Markets Overview
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| August 13 | 6:00 PM | US PPI m/m | Actual’ less than ‘Forecast’ is good for crypto |
| August 14 | 6:00 PM | US CPI y/y | Actual’ less than ‘Forecast’ is good for crypto |
| August 15 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is bullish.
- This week, Bitcoin initially experienced a significant drop due to global stock market woes and Middle East war tensions. However, it quickly recovered, suggesting that the bull run might not be over yet. Currently, Bitcoin is in a consolidation phase that has lasted over five months, indicating a potential for a substantial breakout. The key resistance level lies between $66,000 and $67,000. If Bitcoin breaks above this level, it could either return to consolidation or push towards range high. The upcoming week could be volatile and crucial, especially with the US PPI and CPI announcements.
- Key support levels to consider are around $58700 and $56000. On the upside, resistance levels is at $63,500, $65,500 & $67,000.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears neutral to bullish.
- Ethereum (ETH) underperformed Bitcoin (BTC) this week as BTC dominance continued to rise, with large wallets moving ETH to exchanges. ETH needs to reclaim the $2,850 level for a bullish continuation. The price action appears mixed to bullish for the upcoming week, depending on macro factors and the overall market conditions.
- Significant support levels include $2350 and $2180, while resistance levels to watch are at $2875 and $3050.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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