Crypto market analysis 8.17 Focus on Powell's speech next week, big things are going to happen

The Jackson Hole Global Central Bank Annual Meeting is an important event that global central banks and economists pay attention to, especially the speech of Federal Reserve Chairman Powell will have an important impact on the market.

Powell's statement at the meeting will determine the market's expectations for future interest rates and economic prospects. So next, we must pay close attention to the market's reaction and Powell's speech.

Historical market reaction:

 Interest rates and US Treasury yields: Historically, before the Jackson Hole meeting, US Treasury yields usually rise, but they will fall after the meeting, and then rebound again during the September interest rate meeting.

 US dollar fluctuations: Within 10 days before and after the meeting, the US dollar usually fluctuates up and down by 0.5%.

Daily level market

 Daily level: The daily level is mainly oscillating and repairing. Pay attention to the retracement in the short term. The bottom support is around 54,500, the large level pressure is around 64,000, and the middle track pressure is around 60,800.

4-hour level market

4-hour level: The weak increase in the market at the 4-hour level has become mainly range-bound, with bottom support around 56,000, recent support around 57,500 and 58,500, upper pressure around 59,600, and the maximum pressure around 61,800 after breaking through.

Intraday level analysis

The recent sharp drop in Bitcoin is normal, mainly due to the uncertainty of American politics. As well as the current economic instability, there may be a risk of a hard landing on the news at any time. The current sharp drop and surge are normal, just keep yourself alive, and don't worry too much about other things.

Intraday weak increase trend: The intraday hourly line slowly moves in the increase and weak repair trend, the bottom recent support is around 58,500, and the retracement is bullish, and the break is around 57,500. The upper pressure is around 60,800, and the breakthrough is around 61,800.

The spot market needs to safely pass this difficult moment in the history of encryption and remain calm. #美联储何时降息？ #杰克逊霍尔全球央行年会