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BITCOIN
🇺🇸 Bitcoin Falls With US Inflation 

Word On The Street: Bitcoin extended its losses at the Wall Street open on September 11, as positive U.S. data failed to ignite the crypto market.

The details:

• TradingView showed Bitcoin’s price dropping more than 3% during the day, sinking below $56,000.

• CoinGlass data showed significant sell orders, or "asks," emerging at $57,000 and above.

• Typically, Bitcoin’s price rises when the dollar weakens, but in this instance, both are moving down together, signaling broader financial stress.

Why it matters: Traders and analysts maintain cautious optimism for Bitcoin's long-term outlook, short-term sentiment remains bearish, with eyes on key support levels like $55,000 and $54,000.

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Other News

Indonesian crypto exchange Indodax goes offline after suspected $22M hack. The breach compromised hot wallets on the exchange, resulting in the loss of Bitcoin, Ether, TRX, MATIC and other cryptocurrencies. Indodax has temporarily suspended operations.

Caroline Ellison Shouldn't Go to Jail After FTX Collapse, Attorneys Say. The former Alameda Research CEO testified against her former boss, Sam Bankman-Fried, last year.

Bitcoin price struggles as bears overtake bulls in futures markets. Bitcoin must hold above the $50,000 mark until the Sept. 18 Federal Reserve meeting to avoid more downside.

Bitcoin Slides, Yen Gains as Trump-Harris Debate Disappoints Markets. The yen picked up a strong bid in late July as the Bank of Japan hiked interest rates for the first time in decades, triggering an unwinding of the risk-on yen carry trades.

Traders Corner (Premium)

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Traders Corner is the premium section of The Blockstreet Journal. We provide one free report out of appreciation ❤️ 

Reports from our analysts today:

• Avalanche Technical Analysis (Free)

• Tron Technical Analysis (Paid)

• DogWifHat Technical Analysis (Paid)

TRADERS CORNER
🏔️ Avalanche Technical Analysis

Avalanche (AVAX) is trading at $23.22. It is still below the midline of the Bollinger Bands, suggesting it’s in the lower range of recent price movements. The Bollinger Bands are relatively wide, indicating volatility.

Trend Analysis:

AVAX recently experienced a sharp downtrend, with the price dipping to around $22.90 before rebounding. The current price action shows a slight recovery after hitting the lower Bollinger Band. This bounce could indicate some buying interest around the recent low, but the overall trend remains bearish as the price is still below both the midline of the Bollinger Bands and the 20-period moving average.

The histogram below the chart suggests a possible shift in momentum, as we can see the bars moving from a negative value toward a neutral level, though they are still in the red. If this continues to improve, it could signal a stronger recovery.

Support and Resistance:

- Support: The immediate support level is around $22.83, which aligns with the lower Bollinger Band and the previous local low.

- Resistance: The first resistance level is around $23.77, corresponding to the upper Bollinger Band, and beyond that, the next resistance will be at $24.00, a round number that often acts as psychological resistance.

Scenarios:

- Bullish: If AVAX breaks above the midline of the Bollinger Bands at $23.30, we could see a potential move toward the upper band at $23.77. A break above this level could open the path for further gains, pushing the price toward $24.00 or higher.

- Bearish: If the price fails to hold above $23.00, we could see a retest of the recent low near $22.83. A break below this support could lead to further downside, with the next target around $22.50.

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