Market overview

2024年9月2日

Bitcoin (BTC): $57,527.88 (-1.55%)
Bitcoin Dominance: 57.62%
Fear and greed Index: 26 (fear)

WHAT HAPPENED?

Since the beginning of last week, we've moved to a decline in the first cryptocurrency. However, we faced the complete absence of a market buyer throughout the entire downward movement and the breakdown of important buy zones.

At the moment, we're trying to fix below the buy zone in terms of accumulated volumes. Sells are weak, lows aren't updated, there's an absorption of delta sells by limit buys.

All the trumps are on the buyer's side, but, unfortunately, he's in no hurry to play his cards and doesn't show up.

WHAT WILL HAPPEN: OR NOT?

We identify 2 possible scenarios:

1. The breakdown of the inclined line in the upward direction, test of the mirror zone $59,000-$59,550. In this case, you can join the movement after an additional test of the ~$58,000 level (volume anomalies);

2. In the absence of a market buyer, we expect the decline to continue and the test of the $56,000 level. When implementing this scenario according to the wave theory, most likely, we'll make a breakthrough. Buys should be considered only when testing long-term liquidity and the $53,000-$50,000 volume anomaly zone.

Sell zones: $59,000-$59,550 (mirror zone), $61,200 level, $63,000-$64,300 (accumulated volume zone).

Buy zones: the level of ~$58,000 (when the first scenario is implemented), $53,000-$50,000 (volume anomalies zone), $48,000 level.

IMPORTANT DATES

Macroeconomic developments this week:

• September 3, Tuesday, 13:45 (UTC) — publication of the index of business activity in the US manufacturing sector for August;
• September 3, Tuesday, 14:00 (UTC) — the publication of the index of business activity in the manufacturing sector from the US ISM for August;
• September 4, Wednesday, 13:45 (UTC) — announcement of Canada's interest rate decision;
• September 4, Wednesday, 14:00 (UTC) — publication of the number of open vacancies in the US JOLTS labor market for July;
• September 5, Thursday, 12:15 (UTC) — publication of changes in the number of people employed in the US non-agricultural sector for August;
• September 5, Thursday, 12:30 (UTC) — publication of the number of initial applications for US unemployment benefits;
• September 5, Thursday, 13:45 (UTC) — publication of the index of business activity in the US services sector for August;
• September 5, Thursday, 14:00 (UTC) — publication of the ISM USA Non-manufacturing Purchasing Managers Index for August;
• September 6, Friday, 12:30 (UTC) — publication of the average hourly wage and changes in the number of people employed in the non-agricultural sector in August, as well as the unemployment rate in August in the United States.

*This post is not a financial recommendation. Make decisions based on your own experience.