WATCH: Will Powell’s Friday Speech Send Bitcoin Soaring? Daily TA August 25, 2022
August 25 2022 - 9:53AM
NEWSBTC
In this episode of NewsBTC’s all-new daily technical analysis
videos, we are looking at the the impact an upcoming speech from US
Fed Chair Jerome Powell could have on Bitcoin price action. Take a
look at the video below. VIDEO: Bitcoin Price Analysis
(BTCUSD): August 25, 2022 The US Fed Reserve Chair Jerome
Powell will speak at the global central banking conference in
Jackson Hole, Wyoming, focusing on the future economic outlook.
Depending on if that outlook is hawkish or dovish, Bitcoin could
sink further or begin to soar. Related Reading: WATCH: Daily
Technical Analysis August 24, 2022: Total Crypto Market Cap (TOTAL)
Daily BTCUSD Looks Dangerous As Bears Remain Dominant On daily
timeframes the picture overall isn’t looking very positive for
BTCUSD and could imply that the market should expect negative news
tomorrow. From top to bottom, starting with the Ichiomoku, we can
see that Bitcoin lost the cloud as support and is now trading below
both the Tenkan-sen and Kijun-sen. These two lines have also
recently crossed bearish. The daily LMACD is also showing momentum
in favor of bears. The bearish momentum is weakening, however, but
could pick right back up tomorrow as markets price in whatever
Powell has to say about the future of the US economy. Finally, the
Average Directional Index shows that bears are in control, and the
trend is back at around a reading of 20. Below 20 would suggest a
trend weakening, while retesting the level and then rising higher
could restart the bearish trend. The daily timeframe has recently
turned bearish | Source: BTCUSD on TradingView.com Related Reading:
Measuring Trend Strength With The ADX Weekly Momentum Highlights
Pivotal Potential Turning Point Switching to the same tools on the
weekly timeframe also shows Bitcoin and the rest of the crypto
market at a pivotal moment. Price was rejected from above to back
below the Tenkan-sen. The LMACD is also still crossed bearish and
ready to either cross up or diverge downward further. The ADX shows
that bears still have the upper hand, but the trend has started to
flatten which could indicate that the worst is over on higher
timeframes. With only a week remaining in the month of August,
combined with both Powell’s comments and the weekly timeframe at a
pivotal turning point, we should get a clearer picture soon
regarding if a bull trend is blossoming, or if the bearish trend is
about to worsen. Weekly momentum could cross up or continue down
further | Source: BTCUSD on TradingView.com Related Reading: Learn
How To Use The MACD Monthly Ichimoku Sends Mixed Signals To The
Market The monthly Ichimoku is an interesting picture currently and
could give bulls some hope ahead. The Tenkan-sen and Kijun-sen
remain crossed bullish. Take a look at the last bear market and you
can easily see how quickly these two lines crossed bearish in the
past. This could mean that Bitcoin is still bullish, despite the
macro pressure. It also could mean the worst is still ahead and a
cross is still coming. It doesn’t help that monthly momentum on the
LMACD hasn’t begun to weaken according to the histogram. The ADX
does show an overall trend continuing to fizzle out, with bears
taking charge for the first time since the 2014-2015 bear market
bottom. Bullish strength has also fallen below 20 for the first
time in history. A comparison between bear markets shows that the
lines have yet to cross | Source: BTCUSD on TradingView.com Related
Reading: Learn How To Use The Ichimoku Could Bitcoin Form A Perfect
Bottom? TD Sequential Has One Week Left On 9 The TD Sequential is a
market timing indicator designed by Thomas Demark. Simply reaching
a 9-count on a downtrend is enough for a buy setup –– which is a
positive case for Bitcoin currently. However, these signals are
more powerful when the 9-count is “perfected”. To perfect the
series, Bitcoin would need to set a lower low below the current
bottom at $17,600. Although bearish signals outweigh the bullish,
price action continues to hold above a more than ten year long
trend line. Until this line in the sand is lost, bull still have
hope in staging a reversal. But more than likely they will need Mr.
Powell and his money printing pals to cooperate tomorrow. The
TD9 is on a nine-count with only a week left to "perfect" the
series | Source: BTCUSD on TradingView.com Learn crypto technical
analysis yourself with the NewsBTC Trading Course. Click here to
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technical analysis education. Please note: Content
is educational and should not be considered investment
advice. Featured image from iStockPhoto, Charts from
TradingView.com
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