Action Plan for next Few Days
๐Feds Interest Rates Decision
๐August Not a Good Month for Crypto
๐ Historical Dump of BTC August 2024.
๐ What should be our Aim and trade Plan.
Key Events to Watch
- *Federal Reserve Interest Rate Decision*: On Wednesday, the Fed is expected to keep interest rates unchanged, with a 97% probability of this scenario unfolding. The market will focus on the Fed's forward guidance, which may provide insights into future rate cuts or hikes.
๐- *US Economic Data*: The week will feature several high-impact US economic releases, including the GDP advance rate for Q2, June's PCE rates, and July's employment data. These releases could influence market sentiment and the value of the US dollar.
- *Tariff Deadline*: US President Trump's tariff deadline on August 1st may also impact the market, particularly if trade tensions escalate.
Market Expectations
๐- *Potential Market Volatility*: Given the uncertainty surrounding the Fed's decision and the tariff deadline, market volatility is expected to increase. This could lead to a bleed in the market, with major cryptocurrencies potentially retracing to their initial support levels.
- *Historical Context*: August has historically been a challenging month for cryptocurrencies, with a significant crash in August 2024. This historical context may influence market sentiment and trading decisions.
Action Plan for August
-๐ *Maintain Liquidity*: Keep some liquid cash on hand to capitalize on potential buying opportunities.
- *Wait for Clear Opportunities*: Avoid trying to catch falling knives and instead wait for clear signs of a reversal or buying opportunity.
- *Hedge Mode*: Consider opening hedge mode if trading futures to mitigate potential losses.
