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📉 Market Update: Bitcoin and Tech Stocks Take a Hit
#Bitcoin and tech stocks are feeling the pressure after stronger-than-expected U.S. GDP data. 📊
💡What to have in mind:
Bitcoin Slips: Bitcoin BTC -2.19% continued its downturn, now trading at $63,800.
Stock Market Reaction: The Nasdaq Composite dropped by 215.43 points (1.246%) and the S&P 500 fell by 21.93 points (0.4%) after the data release.
Economic Growth: U.S. GDP grew by 2.8% in Q2 2024, surpassing forecasts of 2%.
Inflation Eases: PCE inflation cooled from 3.4% to 2.6%, edging closer to the Fed’s 2% target.
And the most important question: Are rate cuts on the Horizon?: With consumer spending expected to slow and business surveys indicating a weakening outlook, the likelihood of a September rate cut has risen to 85.7%, according to CME's FedWatch tool.
Stay tuned for more updates as we navigate these volatile markets! 🌐💹
If you like $KAS I think a great accumulation point is coming btw $16.4 and $17 price range. Look how that trendline has been respected from the begining of May this year.
Without any major events affecting the price to the downside I think that purple trendline is a good entry for a DCA strategy.
You saw how $MEW reacted to some bullish momentum on $BTC and $SOL?
If you think this performance will continue, #MEW is at the new support price range. I'll be watching closely since we are still not sure how the markets would react in the short term for the #EthereumETFs
For the long term, I think $MEW is a good coin to accumulate. Specially if you believe about #MemeCoinSeason2024 on #SOL.
You might have heard of $POPCAT if not, please lift your rock and come to see the sun! 🙈
It turned the resistance into support beautifully bounceing +20% on the retest.
If you like #memecoinonsolana I encourage you watch #POPCATusdt closely. I'd be adding in the green boxes as part of my DCA strategy for mind-long term.
I see that $PALM, the Google-powered Multi-Platform AI Application Systems, has bounced nicely from the support range and is not approaching an important trendline!
What I'm watching 🧐
#Bitcoin is happy today, if it keeps moving up, I'd expect for $PALM price to turn that resistance range into a new support and break that trendline.
I'll be adding on the new support retest (if it becomes one)
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