Macro Overview
- US FOMC Meeting Minutes: The US FOMC Meeting Minutes suggest a likely rate cut in September, with most participants agreeing that if data remains on track, easing policy would be appropriate. Markets are fully pricing in the cut, which would be the first since the Covid crisis, signalling a bullish outlook for the crypto market.
- US Unemployment Claims (Weekly): The latest US Unemployment Claims came in as expected, slightly above the previous number. This outcome is considered neutral for the crypto market.
Crypto Markets Overview
Top Tokens Update
- Tron Overtakes Cardano as SunPump Revives Meme Season: Tron (TRX) has surpassed Cardano (ADA) in market cap, taking the 10th spot on CoinMarketCap as of August 19. This rise is largely driven by the launch of SunPump, a platform for creating and trading meme coins. Since its debut on August 9, SunPump has seen significant activity, with users actively generating and trading meme coins, which in turn has increased demand for TRX tokens.
- Worldcoin Faces Scrutiny for Privacy Violations in Colombia: Colombia’s consumer protection watchdog has accused the biometric cryptocurrency project Worldcoin and its company, Tools for Humanity, of violating the country’s personal data protection laws. The investigation by Colombia’s Superintendence of Industry and Commerce (SIC) aims to determine if Worldcoin unlawfully collected sensitive personal data. If found guilty, Worldcoin could face significant penalties, including fines, a six-month suspension of operations, or even a permanent closure of any activities involving sensitive data.
- Tether Expands USDT to Aptos Blockchain: Tether is launching its USDT stablecoin on the Aptos blockchain, enabling transactions at lower costs compared to Ethereum. Aptos, a Layer 1 blockchain co-founded by former Meta engineers Mo Shaikh and Avery Ching, aims to offer scalable and user-friendly infrastructure for decentralized applications. This expansion highlights Tether’s commitment to innovation and providing reliable financial tools.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| August 29 | 6:00 PM | US Prelim GDP q/q | Actual’ less than ‘Forecast’ is good for crypto |
| August 29 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
| August 30 | 6:00 PM | US Core PCE Price Index m/m | Actual’ less 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 Bullish.
- This week, BTC moved sideways as traders awaited Powell’s Jackson Hole speech. Technically, BTC is bullish on higher time frames (HTF) and neutral on lower time frames (LTF). A consolidation breakout could lead to a rally towards $66,000-$67,000. Next week, the GDP and PCE Price Index will be key events to watch.
- Key support levels to consider are around $58000 and $56000. On the upside, resistance levels is at $63,500, $65,500 & $67,000.
- 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 endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears neutral to bullish .
- ETH has been consolidating within a tight 6% range for the past 15 days. It remains below the 20 EMA and needs to reclaim and break above this consolidation for a bullish continuation. The ETH/BTC pair is at lows and requires recovery for ETH to outperform Bitcoin. Additionally, ETH ETF flows have been mixed, with more days showing net outflows.
- Significant support levels include $2525 and $2190, while resistance levels to watch are at $2725, $2850 and $3050.
- 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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