On November 2, sellers can undergo support after Powell's performance
On Friday October 14, according to the results of the day, Bitcoin fell into the US dollar by 1.02%, to $ 19177. Since the cue ball has long lost its independence and the status of a “protective asset”, he continues to run after Sipishka. He had fangs in 2021 when $ 69,000 reached, however, the regulatory authorities did everything (through toughening the regulation of exchanges, anti -Russian sanctions, account blocking, fines) to stop their growth.
On the last day of the trading week, indices were adjusted after growth on Thursday on inflation data. The S&P500 index increased by 2.37%, NASDAQ - by 3.08%. Correction was also observed on the dollar on Forex. Strengthening the dollar exerted additional pressure on the cryptocurrency market.
Negative factors for the stock market were manifested in the form of growing inflation expectations after the publication of the preliminary October mood of the mood of consumers of the University of Michigan, as well as a new increase in the profitability of treasury bonds. Bonds sell as unnecessary pieces of paper. Yellen and Powell are angry from the fact that nichrome cannot cope with falling problems.
On Thursday, the expectations were not justified that inflation could decrease. Consumer prices in the United States in September rose faster than expected, increasing the expectations that the federal reserve system will increase the interest rate twice by 75 b. n. in November and December. Plus, the corporate reporting season began.
Information agencies intimidate retail investors with a world recession and an emergency collapse of the S&P500 index by 20% of current prices. Such an information attack was observed when large players need to buy promotions. And you can buy them in large quantities during panic of retail investors.
The recession in the United States began in 2022 and received confirmation after two negative GDP for 1 and 2 quarters. The authorities do not recognize her, since they apparently rely on the Sahm recession indicator. He was recognized in popular economic news sources.
The indicator signals the beginning of the recession, when a three -month sliding average national unemployment (U3) rises by 0.50 percentage points or more relatively its minimum over the previous 12 months. The SAHM rule was published by the system of economic data of the Federal Reserve Bank of St. Louis (Fred) in October 2019. On the graph, all recessions on the indicator are indicated.
Since Bitcoin has become a risky asset, the S&P500 dynamics will continue to influence the cryptocurrency market. The BTC/USDT pair has decreased to $ 18975 from $ 19951. On Saturday, the price was traded in a limited range. The activity of buyers disappeared along with the fall of stock indices. Now everyone is waiting for the opening of the Asian session to catch on the futures on the S&P500.
On a weekly TF, the technical picture remains a bear. The price is located near the trend line. Sellers are only waiting for the moment to go on the offensive. On a daytime TF, the situation also remains tense for buyers. On Thursday, the rebound was good, but on Friday the emerging impulse began to fade away. According to cluster analysis, buyers almost sold what they bought from 17920 to 19950. The delta is 5220. If you take only Saturday and Sunday, then the delta is -5920. Sales prevail.
The price is in the side trend since September 21. The range narrows. Many investors surrender their nerves, since the price is traded above $ 18000 since mid -June and still cannot move away from support. For my cycles, everything is still unchanged for me - height until November 4-18, 2022. Buyers have been gleeped 17 days. There is time for growth, but too little. If something goes wrong, then on November 2, sellers can pass support after Powell's performance.