Federal Reserve Chair Jerome Powell spoke today and in his Jackson Hole speech he cautioned that inflation remains too high and that the central bank remains open to raising rates further if needed. This has strengthened the narrative that interest rates are likely to remain higher for longer. After a brief sell-off, the United States equities markets have recovered from their intraday lows.Pantera Capital believes that Bitcoin’s price action will continue to follow its previous halving cycles. If that happens, Bitcoin could rise to $35,000 by April 2024 when the next halving is expected to occur. After that, Bitcoin could rally sharply and climb to $148,000.Bitcoin once again turned down from the overhead resistance at $26,833 on Aug. 23, indicating that the bears continue to sell on rallies. That has kept the price stuck inside the range between $26,833 and $24,800. If the price plummets below $24,800, it could hit the stops of several traders and start a long liquidation, which could plunge the BTC/USDT pair to the pivotal support at $20,000.Ether ETH was nudged above the overhead resistance of $1,700 on Aug. 23 but could not sustain the higher levels. This shows that the bears are guarding the $1,700 level with vigor. If the bears manage to pull the price below the $1,626 to $1,550 zone, the ETH/USDT pair could start a downward move toward $1,368.BNB’s recovery hit a roadblock at the breakdown level of $220. This suggests that the bears are trying to flip the level into resistance. The bears will try to pull the price to the psychological support at $200. If they manage to do that, the BNB/USDT pair could plummet to the next major support at $183.XRP’s bounce off the $0.50 support could not even reach the overhead resistance at $0.56, indicating that demand dries up at higher levels. The bears will try to strengthen their position by pulling the price below the $0.50 support. If they manage to do that, the XRP/USDT pair could start a downhill slide toward the next major support at $0.41.Toncoin (TON) has been trying to form a base for the past few days. That has resulted in the formation of an inverse head and shoulders pattern, which will complete on a break above $1.53. The 20-day EMA ($1.35) has started to turn up and the RSI is in the positive territory, indicating that the bulls are on a comeback. If buyers shove the price above $1.53, the TON/USDT pair could pick up momentum and start a new up-move toward the pattern target of $1.91.
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Jerome Powell, Pantera Capital |
| Companies | Federal Reserve, Pantera Capital, Bitcoin, Ether, BNB, XRP, Toncoin |
| Currencies | Bitcoin, Ethereum, BNB, XRP, TON |
| Securities | None |
