Hello,
Let's start this week, market analysis.
BITCOIN
DAILY - LONG TERM
Market aligned bearish, with expectation of pullback.
Another week in which the FED continues to scare the market. Especially after the speech of Fed President Jerome Powell, leaving open the possibility of having a new interest rate hike by 0.75% at the next meeting.
Since his speech, bitcoin has accumulated more than 10% decline, fighting in the $20,000 region and eyeing key support at $17,500.
At the moment, we do not believe in breaking the support at $17,500, however, if it does, it would tend to push the price of bitcoin to the region of $12,900.
Our expectation is that the market is more likely to pivot higher in the $25,000 region, aiming to test the $32,000 region.
GRAPH 4h - MEDIUM TERM
The market in bearish convergence, a moment in which the 4-hour chart and the daily chart point in the same trend, having lost the bullish channel that was active since June 20th.
After the breakout of this channel, the market formed a new bearish channel, having resistance at $20,350 and support at $18,800.
Major resistances at $20,350, $22,000, $23,700 and $25,000.
ETHEREUM
DAILY - LONG TERM
Market with a lot of volatility, in our opinion still making a pullback entering a consolidation region, with the main support at the $900 region and resistance at $2,000.
We continue to believe that in the coming weeks we may have a buying race due to the approach of The Merge, which could also generate a sell-off right after the merger.
Major supports are at $1,500, $1,100 and $900, while major resistances are at $1,640, $1,720 and $2,100.
GRAPH 2h - MEDIUM TERM
Keeping an eye on "The Merge", looking at the 4-hour chart, Ethereum continues to consolidate between the support at $1,500 and the resistance at $1,800.
The main supports of this move are at $1,500, $1,470 and $1,250, while the main resistances are at $1,610, $1,720 and $1,920.
GOLD
The market has entered a seller alignment.
We continue to believe that in the **next buying wave gold tends to seek the $2,000 **region, but for now, let's keep an eye out for resistances at $1,730, $1,780 and $2,000.
If the market remains bearish, the next supports are likely to be found in the $1,700, $1,620 and $1,500 region.
DOW JONES
The Dow Jones continues in the retraction that we commented on last week. Now the range is the 61% Fibonacci region.
The expectation is that in the short term the market can stay above 31,500 points, awaiting the economic data, which will be released in the first week of September.
The market began pricing in an interest rate hike of 75 basis points and this generated strong selling pressure on the Dow Jones Industrial Average.