Macro Overview
- US Advance GDP QoQ: The US Advance GDP for the quarter came in at 2.8%, higher than the expected 2.0%. This is bearish for the crypto market due to their historically inverse relationship.
- US Unemployment Claims (Weekly): Weekly US unemployment claims were in line with expectations, resulting in a neutral impact on the crypto market.
- US Core PCE Price Index m/m: The US Core PCE Price Index for the month also met expectations, maintaining a neutral effect on the crypto market.
Crypto Markets Overview
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| July 30 | 7:30 PM | US JOLTS Job Openings | Actual’ less than ‘Forecast’ is good for crypto |
| July 31 | 11:30 PM | US Federal Funds Rate | Actual’ less than ‘Forecast’ is good for crypto |
| August 1 | 12:00 AM | US FOMC Press Conference | More dovish than expected is good for crypto |
| August 1 | 4:30 PM | UK Official Bank Rate | Actual’ less than ‘Forecast’ is good for crypto |
| August 1 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
| August 2 | 6:00 PM | US Unemployment Rate | Actual’ greater than ‘Forecast’ is good for crypto |
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is neutral to bullish.
- This week, Bitcoin experienced sideways trading with high volatility due to numerous events and announcements. Positive news started with Biden’s resignation, followed by bearish updates from Mt. Gox BTC movement, and neutral macro data.
- Technically, Bitcoin is attempting to break the $67-68k resistance. A successful break could lead to a move toward the range high; if not, it may continue to trade sideways. The Bitcoin conference on July 28th and 29th and the upcoming Fed’s fund rate announcement will be key focuses in the coming week.
- Key support levels to consider are around $63,200, $60300 and $58,250. On the upside, resistance levels is at $72,000 & $73,800.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavors.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears neutral.
- This week, Ethereum significantly underperformed Bitcoin as ETH ETF trading began and Grayscale started selling from day two. Technically, Ethereum’s price action appears tricky and could potentially move sideways in the upcoming week. The main focus will be on ETH inflows, overall Bitcoin performance, and macroeconomic data.
- Significant support levels include $3140, $3050 and $2875, while resistance levels to watch are at $3350 ,$3500, $3650 and $3950.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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