Authored by TD Markets
The cryptocurrency sphere, often characterised by its unpredictability, witnessed a decline in the value of BTC. This correction follows a period of bullish momentum that had propelled the leading digital asset to new heights. Investors and enthusiasts alike are closely observing the market's response to this price adjustment, speculating on potential factors influencing the downward trend.
The NZDUSD Performance
The last chat about this pair was on the 15th of August.
We have proceeded further down to the price point of 0.59068. We now watch the support level be broken by a daily candle for greater momentum to the targets identified. Target 1 set at price point 0.57350. Target 2 sets at price point 0.55580. Risk Management must be applied on a strict basis.
The Brent Oil Performance
2 August 2023 was the last time we had a look at this security. We had our take profits hit and proceeded to the resistance at 87.05. We have now retraced back to the previous target at 84.84. Traders should be looking for a breakout from both the resistance 87.05 and the outer trendline. We will watch this closely and revert with an update.
The BTCUSD Performance
Big Pause on any positions on Bitcoin. We see a stronger US Dollar that has pushed the price down towards the breakout giving us a strong and deep correction. We wait for price action to formulate at this support to give us a further indication of the way forward. Our breakout point at 31816.52 remains in place.
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Final Thoughts On Today’s Analysis
In conclusion, the recent drop in BTC value alongside the stability of the US Dollar highlights the complex interplay between digital and traditional financial markets. With the upcoming Fed Chair Symposium poised to provide crucial insights, the financial landscape could experience further shifts depending on the policy directions communicated.
As the cryptocurrency market and traditional financial systems continue to evolve, adaptability and informed decision-making remain paramount for traders. Subscribe to our YouTube Channel today and stay up to date with our daily market commentary.
