Psychology, Sell Pressures Keep Bitcoin Below $20K

Unlike Bitcoin that has yet to set a higher high in 2020 over the previous year’s peak, Ethereum’s higher high is a very important sign that a new uptrend is brewing in the crypto market. In fact, a crypto analyst has superimposed the well-known “psychology of a market cycle” chart over ETHUSD price action from […]

Bitcoin price toys with gravity after a non-committal Fed rates hold. Few large players, who have little perceived need for Bitcoin’s features, have any reason to hold a slumping commodity while stocks push to new highs. The outlook remains the same as yesterday: the 1day and 3day charts are bearish, and we anticipate decline. The 4hr candle chart MACD remains below zero. The proposal is that the market is denying decline with irrational psychology, but without institutional (whale) support. Hence, a sideways corrective pattern is forming until the sell-off below $640 kicks in. $640....

China's Shanghai Composite Index crashed through support on Monday and resumed decline as investors could not sell Chinese company stocks fast enough. Deja Vu. CNBC eloquently reports that, following three weeks of relative stability in mainland markets, Monday saw the Shanghai Composite Index resume decline in its worst one-day drop in eight years. Readers will know that "eight years" marks the first round of sell-offs heading into the 2008 "Credit Crunch". Significantly, the index sliced through the psychological 4000 support level without pause as paniced investors rushed for the exit.....

The monetary policy committee of the Kenyan central bank recently revealed it increased the central bank rate by 75 basis points from 7.5% to 8.25%. Justifying its decision to act, the committee cites growing inflationary pressures and increased global risks, as well as their likely impact on the domestic economy. Growing Inflationary Pressures Following its latest meeting, the monetary policy committee (MPC) of the Central Bank of Kenya (CBK) announced it approved increasing the central bank rate (CBR) from 7.50 percent to 8.25 percent. The MPC, which is chaired by the central bank....

After several few weeks of uneasy quiet following the June and July disruptions international markets, on Monday, began showing signs of volatility that finally erupted into equity and commodity sell-offs that spilled into the currency markets. This is the kind of turmoil that results from investor psychology and is beyond the control of central banks and policy makers. This post is powered by the Bitcoin Trading Network xbt.social - CCN29 and get 29USD off! Economic Indicators. World Indexes and Forex Rates. Commodities. In the Calendar This Week. Tue 25 August. UK CPI y/y (expected: 0.0%....