Bitcoin ETF News and Market Analysis Bitcoin ETF News
Bitcoin ETFs once again saw net outflows of about $161 million, indicating that the market is still dumping Bitcoin
This is one of the reasons for the short-term bearish price action.
Federal Reserve Meetings and Rate Decisions
The Fed's recent meeting decided to keep interest rates unchanged, in line with expectations
The market expects the next rate change to occur around September or November, possibly a rate cut.
The second rate cut is expected to occur around January next year
Market Reaction
Markets reacted to the Fed meeting with a small rebound as the press conference looked relatively dovish
Jerome Parr says it's almost impossible to see more rate hikes from the Federal Reserve and instead is considering potential rate cuts
Bitcoin Price Analysis
Bitcoin price is still below the Fibonacci level (around $60,000)
If the price confirms below $60,000, the next major downside support level would be the 38.2% Fibonacci level (around 51 to 52,000)
The pullback from high to low remains comparable to previous pullbacks, with multiple 30% to 40% declines seen during the bull market.
technical analysis
The 3-day Bitcoin chart shows that the price may confirm a breakout below the support line (around 59,000 points)
The 2-hour Bitcoin chart shows that the price is beginning to form a new bullish divergence, and the RSI has just confirmed a higher low
Trading straregy
Personal short-term trading strategies begin to expand into new Bitcoin long positions with relatively low leverage positions
There are more downside buy orders to further expand into the position and lower the entry price
Ethereum (ETH) Technical Analysis and Price Prediction Current Price and Trend
Ethereum (ETH) is currently trading at around $2,950, with a change of -1.66% in the past 24 hours
The recent price action has brought ETH’s market capitalization to $36.013 billion, with a year-to-date change of 30.46%.
technical analysis
Technical analysis shows that ETH is trading in a descending channel pattern, with a neutral trend on a medium-term basis and an upward trend on a short-term and long-term basis
Momentum is mixed, with the MACD line above the MACD signal line (bullish), but the RSI is around 50 (neutral)
Fibonacci Retracement
If we look at the Fibonacci retracement from the most recent local high, we can see that the current price is running towards the 38.2% Fibonacci support level which is just below 2.9k at around $2,860-2,870
If we get a confirmed candle close below 2.9k on a larger timeframe like the daily or weekly chart, then we could see price move down to the next major level which is the 50% Fibonacci retracement level which is around $2,200
Support and Resistance
The current support level is around $2,890 which is an important level in the market
The resistance level is around $3,300, which is the level we need to break to confirm the bullish price target
RSI and Short-term Outlook
The RSI has entered oversold territory on the 8-hour ETH/USD chart, which has historically led to short-term rallies.
While this doesn’t necessarily mean we have hit bottom, it does suggest we could see at least some sideways consolidation or a rebound in the short term.
Technical analysis shows that ETH is trading in a descending channel pattern with mixed momentum. The price is currently running towards the 38.2% Fibonacci support level and if we break below 2.9k, we may see the price move down to the 50% Fibonacci retracement level. However, the RSI has entered the oversold territory, which suggests that a bounce or consolidation may occur in the short term.
