Hello everyone, colleagues, and congratulations (or sympathies)) to everyone on the beginning of the school year. Patience and strength to all parents.
The first week of September is quite active in terms of economic reports from the US. Thursday is especially busy and on this first Friday of September, the NONfarm report on unemployment in the non-agricultural sector is traditionally released. Therefore, on this day, pay special attention to the "hands" of the market))
On Bitcoin, last week completely covered the previous growth, slightly falling short of the inclined resistance, but clearly rebounded from the resistance zone of $65K-69K
So far, the asset is moving according to the expected scenario of decline. As I have already said in previous reviews, I expect this decline up to a two-month trading in the range of $41K-44K. As history shows, September is not a very good month for growth, so it is quite possible that our expectations of a decline to these values ââwill already be seen this month.
On Week 1 we have global ascending support, the first low of which begins in March 20.
If we turn on the Logarithmic chart, we will see that this support is shifting exactly to the area of ââthat same two-month trade and a little lower at the level of $37,500 passes 200DMA 1Week as support. Therefore, it is from here, having removed the liquidity under this trade, that I expect to see a good reaction from buyers.
1Week On Ethereum we are also approaching the global ascending support in the $2K area and here the 200DMA 1Week is also passing as support, which we already tried to test in early August. In the next 1-2 months there is a chance to test it again with a spike and get a strong reaction from buyers from this bunch of supports.
