Market Watch

Fear & Greed

Heatmap

Top Movers

Latest News

BITCOIN
🐂 Bitcoin Set For Final Correction 

Word On The Street: Bitcoin is now set for it’s "final corrections" before embarking on a two-year bull run.

The details:

• Despite positive macroeconomic conditions approaching, Bitcoin traders remain cautious, with many anticipating lower lows.

• A reversal is imminent due to the fragile liquidity in equity markets, where investors are rushing to put their money into assets out of inflationary fears.

• With upcoming rate cuts from the FED and global liquidity increasing in China, we’re on the verge of the biggest bull cycle ever

Why it matters: All eyes are on the U.S. Federal Reserve's meeting on Sept. 18, where a decision on interest rates will be made.

SPONSORED BY BETTERMENT
😇 High-Yield On Idle Cash

We put your money to work

Betterment’s financial experts and automated investing technology are working behind the scenes to make your money hustle while you do whatever you want.

Learn more

Other News

Judge issues temporary stay in Kalshi v. CFTC election betting case. Judge Jia Cobb said the court would hold a hearing on Sept. 12 to address competing motions filed by the CFTC and Kalshi over betting on US elections.

Five U.S. States Reach Settlement With GS Partners, Investors to Get Full Refunds. The Texas State Securities Board spearheaded the investigation and subsequent settlement with GS Partners and its owner, Josip Heit.

US, Canadian investors to get full compensation in GSB Group settlement. The German group is accused of running a multilevel marketing scheme that took in hundreds of millions of dollars in supposed crypto and metaverse investments.

Investors Lost Record High $5.6B to Crypto Scams in 2023, FBI Says. Crypto scams accounted for only a tenth of total financial fraud complaints last year – but nearly half of the losses.

Traders Corner (Premium)

Welcome, Traders!

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

Reports from our analysts today:

• Bitcoin Technical Analysis (Free)

• Ethereum Technical Analysis (Paid)

• Solana Technical Analysis (Paid)

TRADERS CORNER
💸 Bitcoin Technical Analysis

Bitcoin is $56,925.69, with the VWAP sitting slightly higher at $57,155.55. This indicates that the price is trading below the VWAP, suggesting bearish momentum as Bitcoin moves under the weighted average price of the day. The price is also within the Bollinger Bands, but leaning towards the lower band, implying the market is under downward pressure.

Trend Analysis:

Bitcoin has experienced a notable sell-off, as evidenced by the sharp drop from the $57,000 range. The downward movement is confirmed by the price breaking below the midline of the Bollinger Bands, indicating the emergence of bearish sentiment. The Bollinger Bands are also slightly expanding, which suggests an increase in volatility. The BBP (Bollinger Band Percentile) is deeply negative at -385.99, highlighting the strength of the bearish move.

Support and Resistance:

- Support: The nearest support is found at $56,444, which aligns with the lower Bollinger Band and the prior consolidation range. This level is key to watch in case of continued selling pressure.

- Resistance: Resistance lies at $57,402, near the upper band of the Bollinger Bands. Any attempt at a recovery will need to break above this level to signal renewed bullish momentum.

Scenarios:

- Bullish: If the price stabilizes around the $56,900 level and reclaims the VWAP at $57,155, Bitcoin could stage a recovery. A breakout above $57,402 would open the door for further gains, targeting the next psychological level of $58,000.

- Bearish: If Bitcoin fails to hold the $56,900 support and breaks below the $56,444 level, it could trigger further declines, with a potential retest of the $56,000 mark or even lower.

Become a paying subscriber of Premium to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In