Bitcoin traded sideways in today’s trading session. Other cryptocurrencies such as SHIB, DOGE, ETH also followed the movements of BTC. So Ethereum and Dogecoin did the same thing and traded in line with the closing price of yesterday’s session. The four cryptos had multiple days of decreasing volume, indicating a lack of both buyers and sellers. So what’s the reason behind this? Experts mark the start of the Jackson Hole Symposium today. Here are the details…
Markets await Jackson Hole
According to experts, the recent lack of buyers and sellers in general is due to the current lack of interest. Crypto traders and investors may be waiting to see how the overall markets will react when Fed chair Jerome Powell takes the stage at the Jackson Hole Symposium on Friday. Powell’s speech is expected to focus around rising inflation. Traders and investors will be listening closely for clues on how the Fed will continue to tackle rising costs at its September meeting.
According to many, Powell’s tone is likely to ignite volatility in the upcoming markets along with the increased volume. Crypto traders and investors will be watching closely to see which direction the S&P 500 and top cryptos start to move as the conversation begins. A more “soft” message from the authorities may cause risky assets such as Bitcoin to rise. On the other hand, a harsher tone could endanger risky assets.
Meanwhile, US economic indicators were more optimistic on Wednesday, following the disappointment of Tuesday’s private sector PMIs. US orders for core durable goods eased investors’ fears of a recession in the US. But it did not abate fears of a 75 basis point rate hike. Before Fed Chairman Powell’s speech from Jackson Hole, investor anxiety stemming from Fed uncertainty left the market in the red.
What are the expected levels for BTC, SHIB, DOGE?
Bitcoin has been trading in a slight uptrend since August 20, with the latest low formed at $20.889 in Wednesday’s trading session. Bitcoin has resistance at $22,729 and $24,206 and support below $21,313 and $19,915, according to crypto analyst Melanie Schaffer. At the time of writing, BTC is at $21,700.
On the other hand, Ethereum’s chart looks almost identical to Bitcoin’s chart, with a recent uptrend forming the flag of a bear flag pattern. Ethereum’s possible bear flag pattern started with pole formation between August 14 and August 20, followed by flag formation. At the time of writing, ETH is at $1,705.
Dogecoin also shaped the “pole” on the chart from August 17 to August 29 and the flag in the days that followed. Dogecoin has resistance above $0.075 and $0.083 and support below $0.065 and $0.057. At the time of writing, DOGE is around $0.0704.
Finally, another analyst, Bob Mason, pointed to the risk appetite level for SHIB at $0.0000134. At the time of writing, SHIB is trading at $0.00001405.
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