• Bitcoin and select altcoins are starting to recover, but selling at the top of each price breakout suggests that bears remain in control.
• Traders are likely to keep a close watch on Federal Reserve Chairman Jerome Powell’s speech at the annual Jackson Hole Economic Symposium on Aug. 25.
• U.S. Dollar Index (DXY) recovered to the downtrend line, where the bears are posing a strong challenge.
Price Analysis
Bitcoin and select altcoins have been recovering, however, selling at the top of each price breakout suggests that bears remain in control. According to Glassnode’s weekly newsletter “The Week On-Chain”, 88% of Bitcoin (BTC) held by short-term holders (STHs), those owning Bitcoin for 155 days or less, has plunged into loss. Glassnode warns that this cohort is becoming increasingly price sensitive.
In addition, traders will be keeping an eye on Federal Reserve Chairman Jerome Powell’s speech at the annual Jackson Hole Economic Symposium on Aug. 25 as history shows US stocks generally rising in the week after Jackson Hole symposiums .
S&P 500 Index Price Analysis
The S&P 500 Index (SPX) is currently correcting in an uptrend; usually pullbacks are seen as buying opportunities in an uptrend but it is best to wait for correction phase to end before resuming purchases. The moving averages are close to bearish crossover and RSI is negative territory which indicates bears attempting seizing control while a bounce off current level will face resistance from moving averages again . A rally above moving average will indicate corrective phase may be over while a turn down from moving average may form a bearish head-and-shoulders pattern .
U.S Dollar Index Price Analysis
The U.S Dollar index (DXY) has recovered to downtrend line where bears pose strong challenge however no ground has been lost indicating bulls still present . MACD is trying to make a bullish crossover and RSI showing signs of recovery suggesting there could be more upside momentum ahead while any bullishness should be limited by downtrend line .
Conclusion
Bitcoin and other altcoins have started recovering but it seems as though bears still remain in control as seen with selling happening at the tops of each price breakouts according to Glassnodes weekly newsletter “The Week On Chain”. Keeping an eye out for Fed Chairmans speech at Jackson Hole Economic Symposium can also give us insight into direction of risky assets while S&P500 index currently correcting in uptrend could see buyers returning if corrective phase ends soon enough and US dollar index looking like bulls may try pushing further up with help from MACD & RSI recovery signs .