Crypto Market August 17 – CHK: Bitcoin sideway around 24,000, EOS leads the way

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2022-08-18 03:05:09

Ending the uptrend, Bitcoin could not reach higher than $25,000, altcoins continued to have another quiet trading session.

Cryptocurrency Market

Market data shows Bitcoin price hitting an intraday low at $23,685, close to the lowest since Aug. 12.

Bitcoin price chart August 17, 2022

The warnings suggest that a bullish trend is now highly unlikely due to Bitcoin’s inability to break out. Cryptocurrency and US stock markets are currently fairly evenly correlated. So this view is reinforced when US stocks are stalling against their long-term ceiling.

Ethereum’s rally has also stalled since yesterday when it failed to break above $2,000. Currently ETH is trading around the $1,897 mark with a 24-hour trading volume of $15.4 billion. The downtrend is said to be a psychological effect. FOMO of The Merge event has gone down.

Volatility of Top 10 cryptocurrencies with the largest value on the market on August 14, 2022

Top 10 cryptocurrencies with the largest market capitalization have opposite momentum BTC and ETH. BNB +0.64%, ADA +3.89%, XRP +4.75%, SOL +1.8%, DOGE +8.54%.

EOS is leading the altcoin rally with 14% on the 24-hour timeframe and 24% on the weekly timeframe. Closely behind is DOGE – which hit a high of $0.09 for the first time since May 18 – marking an 86.5% gain from the recent macro bottom in mid-June – before returning to the threshold. $0.084.

Market sentiment today continues to hold since the beginning of the week. The Crypto Market Greed and Fear Index (FGI) remains above the 40-point mark in the Fear zone.

The Cryptocurrency Market Greed and Fear Index (FGI) August 17, 2022

Macro factors

The Dow Jones Industrial Average rose for a fifth straight session on Tuesday, as earnings results from Walmart and Home Depot showed consumer spending remained strong enough to keep the economy out of recession. .

Closing the session, the Dow Jones gained 239 points (or 0.71%) to 34,152 points, the S&P 500 gained 0.19% to 4,305 points. Meanwhile, the Nasdaq Composite index fell 0.19% to 13,102 points. Dow Jones opened the session in the red before recovering nearly 369 points at the high of the session on a boost from Walmart and Home Depot stocks. Shares of both retailers jumped as Walmart reiterated its second-half outlook and Home Depot maintained its 2022 forecast.

Other retail stocks including Target, Best Buy and Bath & Body Works all jumped 4% after the earnings report. The sector’s rally is expected to continue with earnings results from Target and Lowe’s on Aug. 17.

In other news, Bed Bath & Beyond stock had a strong rally, breaking more than 29% as Reddit investors once again bet big on the stock.

Recently retired American author, economist and politician Ron Paul discussed the rising tension between China and Taiwan in an interview and he also talked about the US economy. Paul stressed that the U.S. economy “will collapse,” and that “debt must be liquidated.”

In her own analysis, Jurrien Timmer, global chief macro officer at asset manager Fidelity Investments, highlighted a large percentage of S&P 500 stocks that trade above their 50-day moving averages.

“The percentage of S&P 500 stocks that trade above the 50-day MA is 88% — amazing. Does this signal enough positive momentum that a new cyclical bull market is underway or is this merely a bear market rally that is currently overbought?”

A later post added that many stocks have a relative strength index (RSI) of 70 or higher, which, according to Timmer, is the “driving force” behind the current rally.

Gold prices fell slightly on Tuesday as the dollar hovered near 3-week highs, while investors awaited direction on interest rate hikes from minutes of the US Federal Reserve’s latest meeting (Fed). ). Closing the session, the spot gold contract fell 0.2% to $1,774 an ounce, after falling more than 1% on Aug. 15. Gold futures lost 0.5% to $1,789 an ounce.

On the same day, oil prices fell sharply as economic data raised concerns about the possibility of a global recession, while the market awaited clear information on the negotiations to restore the nuclear deal that could allow Iran. export more oil. At the end of the session, the Brent oil contract dropped 2.9% to $92.34 a barrel, after hitting an intraday peak of $95.95 a barrel. WTI oil contract lost 3.2% to 86.53 USD/barrel.

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