Moods on the global markets have deteriorated following Powell's speech at Jackson Hole Symposium on Friday last week. While this deterioration is best visible on the equity markets, other risk assets - like for example cryptocurrencies - are also feeling pain. After a brief relief yesterday, Bitcoin is making another attempt at delivering a decisive break below the $20,000 handle. The most famous cryptocurrency has been trading within a $19,500-20,500 range in recent days that is more or less of equal size as the previous upward correction in the current downward impulse started on August 15, 2022. Limits of this range are key near-term levels to watch as a break above the upper limit would, at least in theory, hint at a possible bullish trend reversal while a break below the lower limit would mean painting a lower low in the current short-term downtrend structure. As correlation between Bitcoin and S&P 500 has been quite strong recently, one may expect tomorrow's NFP report - that is expected to be a move driver for equities - to also impact cryptocurrency.
Source: xStation5
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