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📉 Bitcoin Volatility Expected 

Word On The Street: Bitcoin has consistently struggled to close above the $62,000 level since Aug. 3, resulting in an 11% decline over the past 30 days.

The details:

• Notably, the cryptocurrency has decoupled from the S&P 500 index, which has risen by 1% during the same period and remains just 1% below its all-time high.

• Investors are closely watching the Federal Reserve's potential interest rate cuts, anticipating that a reduction could significantly boost risk markets.

• To capitalize on potential gains while managing risks, professional traders are increasingly turning to Bitcoin options.

Why it matters: Traders are facing the challenge of optimizing their strategies in anticipation of a Bitcoin price rally, while also being wary of forced liquidations due to unexpected price movements.

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Other News

Elon Musk's X Is Reportedly Now Banned in Brazil Following Judge's Ruling. Use of a VPN to circumvent the prohibition could lead to hefty fines, according to media reports.

Bankrupt Bitcoin miner Rhodium gets court approval for loan in BTC or USD. The company was authorized to choose between receiving a $30 million or a 500 Bitcoin loan from Galaxy Digital.

Russia Is About to Try Using Crypto to Get Around Sanctions. Experts doubt it will work, given the traceability of blockchains and the risk of even tougher sanctions for Russia.

Hong Kong accepts crypto license application past deadline. Hong Kong Digital Asset Xchange is the latest firm to apply for a license, having submitted its application on Aug. 27.

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:

• Solana Technical Analysis (Free)

• Matic Technical Analysis (Paid)

• DogWifHat Technical Analysis (Paid)

TRADERS CORNER
☀️ Solana Technical Analysis

Solana (SOL/USD) is currently trading at $136.40. The price is near the middle of the Bollinger Bands, suggesting that it is within a range of relative equilibrium, neither overbought nor oversold. The Bollinger Bands are slightly wide, indicating moderate volatility.

Trend Analysis:

The short-term trend on this 10-minute chart appears to be in a consolidation phase. After a recent downtrend, the price has stabilized and is now moving sideways, showing indecision in the market. The trend could potentially reverse or continue depending on whether it breaks above the upper band or below the lower band.

Support and Resistance:

- Support: The immediate support level is around $135.39, near the lower Bollinger Band. If the price drops, this level could act as a cushion before further declines.

- Resistance: The immediate resistance is at $137.55, close to the upper Bollinger Band. A breakout above this level could signal a continuation of the previous uptrend.

Scenarios:

1. Bullish: If the price breaks above the $137.55 resistance level and moves towards the upper Bollinger Band, it could signal a continuation of the bullish trend, potentially targeting higher levels.

2. Bearish: If the price fails to break the resistance and drops below $135.39, it could indicate a resumption of the downtrend, targeting lower support levels around $134.00 or below.

3. Consolidation: The price might continue to range between $135.39 and $137.55, reflecting indecision among traders and leading to a period of consolidation before the next major move.

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