- Bitcoin Soars on Fed Pivot: Bitcoin surged 7% following Fed Chair Powell’s Jackson Hole speech. But can it last? I took advantage of the momentum, pocketing $10k AUD in just 24 hours!
- Are Alts Ready to Explode? Altcoins are breaking out! resistance levels have been shattered, and support levels are being retested. Is it time for the long-awaited banana season?
- Total Market Cap Breakout Fizzles Again! The total crypto market cap attempted its third breakout after last Friday’s speech but faced rejection once more. What’s next?
Bitcoin Pumps, But Is It Sustainable?
On Friday, Bitcoin took off after The Disruptor, aka Mr. Powell, hinted at potential rate cuts in September. But is this rally truly as bullish as it seems? I capitalised on the announcement, leveraging long positions and spot holdings, exiting the market at around $64,300. I’m all about taking profits, especially in this unpredictable environment. From my perspective, a 1% gain is a 1% gain, regardless of the asset’s price. Trading is a game of percentages, not just the value of XYZ coin. Whether I invest $10k into XRP or SOL, the return is the same if they move 1%. I’m now eyeing a potential re-entry at approximately $61,500, pending confirmation.
Bitcoin Overview: What’s Next?
After Friday’s strong rally, Bitcoin surged 7% to hit $65,000 by Sunday, only to face rejection and retrace towards support at approximately $61,500. The rejection, in my view, is due to a significant trendline dating back to October 2023, coupled with key resistance levels between $63,700 and $65,000. The weekly candle closed above a crucial resistance level around $63,780, but I believe Bitcoin is now attempting a retest. My analysis suggests that Bitcoin may dip to around $61,500 before making another run at breaking through resistance.
TOTAL Crypto Market Cap – On the Verge of Explosion or Implosion?
The TOTAL chart shows the crypto market cap testing the $2.18T resistance level after several fake-outs, currently hovering around the 50% Fibonacci retracement level. I’m watching two potential scenarios: a breakout above this resistance or a pullback towards the 61.8% retracement level near $2T. The CSI shows neutral momentum, with a recent drop from overbought conditions, hinting at a possible weakening of bullish momentum. This critical point could trigger significant market movement either way.
Altcoins Primed for Banana Season?
IInfluencers are buzzing, and the market feels ripe after the latest Fed announcement, but could banana season, aka Alt Coin Season, be upon us? From a technical perspective, it looks intriguing, but as always, this is crypto—anything can happen! The key is adapting to the volatility. The OTHERS chart indicates a bounce off the crucial 618 Fibonacci level, now retesting 4HR support after a double bottom pattern played out. It’s about 10% away from the next key resistance level, something I’ll be watching closely.
My Insight: The “OTHERS” chart analyses the total market capitalization of all cryptocurrencies assets excluding the top 10.
Keep up with the action!
This is crypto—anything can happen! It’s vital to stay prepared and informed. Join the Empire Crypto Trading platform now to access the latest crypto charts, free education, airdrop guides, and more. Don’t miss out—sign up today and be part of the Empire!
Written by Matthew Stella. At the time of writing this article, Bitcoin was trading at $62,280.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice. The author takes no responsibility for any financial losses incurred as a result of trading or investing based on the information provided. Always conduct your own research and consult with a professional financial advisor before making any investment decisions.
Source:
https%3A%2F%2Fcryptonews.com.au%2Fnews%2F10k-profit-in-24-hours-fed-pivot-sparks-crypto-market-frenzy-heres-how-123000%2F