Virtual Currency Market Analysis [August 29]

Cryptocurrency Practical Investment Article August 29

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【5th place in MagMag Magazine Awards】

At MagMag, a major newsletter site in 2020,

the MagMag Magazine Award was announced

and we were able to win a prize.

※Currently MagMag distributions have ended

and this article has been migrated here.

【Cryptocurrency Market Analysis】

The price fluctuations of cryptocurrencies since last week

(one week) are summarized as follows

Display: Current price (change from one week ago)

※From this time, we will use dollar notation.

(Cryptocurrencies have a lot of information from overseas, so dollar notation is easier to express)

※1Dollar =139yen

Bitcoin26,000dollars (-％）

Ethereum1642dollars(-1%）

Binance Coin217dollars(-％）

Ripple0.51dollars（-％）

Solana21dollars(-%)

Cardano0.26dollars（-%）

Polkadot4.5dollars（3%）

MATIC　0.55dollars(-2%)

Avalanche 10dollars(-%)

Uniswap4.7dollars（-%）

Bitcoin fell sharply last week, breaking below the lower end of the short-term range around 30,000 dollars.30,000dollars, below the lower end of the short-term range3万 dollars.

From the current Bitcoin price analysis,

○Target price is 32,000 dollars (levels from last May)

○Fall below the 200-day moving average

○Fall below the January 2023 trend line

Currently Bitcoin6months-end price level remains from last week.

Weekly chart analysis is as follows.

Weekly Chart

・Break below the 200-day moving average (orange line)

・Trend line also breaks downward

Price has not moved for1 week, so the candlesticks are small.

Recently, cryptocurrency news seems to have diminished in particular.

Perhaps it is simply a seasonal period.

As the weekly chart shows, since this year Bitcoin has been in a clean uptrend.

From that perspective, it seems preparations are being made toward next year’s halving.

Downside in the cryptocurrency market is limited. JP Morgan

Led by Nikolaos PanigirtzoglouNikolaos Panigirtzoglou, JP Morgan analysts stated, “As a result, the downside in the crypto asset (cryptocurrency) market is likely to be limited in the short term.”

AugustThe crypto market correction in August was “a reversal from the rise after the U.S. Securities and Exchange Commission (SEC) v. Ripple ruling,” and is attributed to broader adjustments in stocks, especially tech and other risk assets, as well as positioning resembling a tech bubble and rising real yields in the United States, along with growth concerns about China, the report says.

https://www.coindeskjapan.com/198898/?utm_source=twitter&utm_medium=ifttt

　JP Morgan’s view is that, when looking at the news, that’s probably correct.

There’s also a mention in articles that X sold Bitcoin, which The Wall Street Journal reported previously, but there doesn’t seem to be solid evidence yet.

Currently, risk assets like cryptocurrencies are closely tied to U.S. interest-rate policy, and next year’s halving and SEC Bitcoin ETF rulings are major events on the horizon.

What the location of the Fed’s policy decision means

Economic growth is beating expectations. Further rate hikes may be necessary.FRBis firmly committed to bringing inflation down to the long-standing target2%.

Understanding that the choice between crypto assets and fiat currency is not fully solved took a long time, to the point I hate admitting it. Just because Michael Saylor keeps moving all his wealth into Bitcoin does not mean it is the only path.

https://www.coindeskjapan.com/199018/?utm_source=twitter&utm_medium=ifttt

Chairman Powell continues to say he will raise rates while inflation remains high.

The United States is actively tightening, but is it really suppressing the money supply?

Michael Saylor, former CEO of MicroStrategy, a Nasdaq-listed company, has long invested substantial sums in Bitcoin.

I feel that the value of Bitcoin, which is tightly controlled and programmed, may perform in the medium to long term as Saylor envisions, given the current unclear economic policy.

※In the paid subscription portion, we provide deeper stock analysis. Beyond Bitcoin and Ethereum, we aim to take investment a step further. If you want to know the future flow of the cryptocurrency market and catch that wave, please consider subscribing. Continuous research is very important.

(This article has been distributed since 2016)