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Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
bitcoin Powell

WATCH: Will Powell’s Friday Speech Send Bitcoin Soaring? Daily TA August 25, 2022

Tony Spilotro by Tony Spilotro
5 months ago
in BTC
Reading Time: 5 mins read
Advertisement

In this episode of NewsBTC’s all-new daily technical analysis videos, we are looking at the the impact an upcoming speech from US Fed Chair Jerome Powell could have on Bitcoin price action.

Take a look at the video below.

VIDEO: Bitcoin Price Analysis (BTCUSD): August 25, 2022

The US Fed Reserve Chair Jerome Powell will speak at the global central banking conference in Jackson Hole, Wyoming, focusing on the future economic outlook. Depending on if that outlook is hawkish or dovish, Bitcoin could sink further or begin to soar. 

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Related Reading: WATCH: Daily Technical Analysis August 24, 2022: Total Crypto Market Cap (TOTAL)

Daily BTCUSD Looks Dangerous As Bears Remain Dominant

On daily timeframes the picture overall isn’t looking very positive for BTCUSD and could imply that the market should expect negative news tomorrow. From top to bottom, starting with the Ichiomoku, we can see that Bitcoin lost the cloud as support and is now trading below both the Tenkan-sen and Kijun-sen. These two lines have also recently crossed bearish.

The daily LMACD is also showing momentum in favor of bears. The bearish momentum is weakening, however, but could pick right back up tomorrow as markets price in whatever Powell has to say about the future of the US economy.

Finally, the Average Directional Index shows that bears are in control, and the trend is back at around a reading of 20. Below 20 would suggest a trend weakening, while retesting the level and then rising higher could restart the bearish trend.

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BTCUSD_2022-08-25_09-46-09

The daily timeframe has recently turned bearish | Source: BTCUSD on TradingView.com
Related Reading: Measuring Trend Strength With The ADX

Weekly Momentum Highlights Pivotal Potential Turning Point

Switching to the same tools on the weekly timeframe also shows Bitcoin and the rest of the crypto market at a pivotal moment. Price was rejected from above to back below the Tenkan-sen. The LMACD is also still crossed bearish and ready to either cross up or diverge downward further.

The ADX shows that bears still have the upper hand, but the trend has started to flatten which could indicate that the worst is over on higher timeframes.

With only a week remaining in the month of August, combined with both Powell’s comments and the weekly timeframe at a pivotal turning point, we should get a clearer picture soon regarding if a bull trend is blossoming, or if the bearish trend is about to worsen.

BTCUSD_2022-08-25_09-45-33

Weekly momentum could cross up or continue down further | Source: BTCUSD on TradingView.com
Related Reading: Learn How To Use The MACD

Monthly Ichimoku Sends Mixed Signals To The Market

The monthly Ichimoku is an interesting picture currently and could give bulls some hope ahead. The Tenkan-sen and Kijun-sen remain crossed bullish. Take a look at the last bear market and you can easily see how quickly these two lines crossed bearish in the past. This could mean that Bitcoin is still bullish, despite the macro pressure. It also could mean the worst is still ahead and a cross is still coming.

It doesn’t help that monthly momentum on the LMACD hasn’t begun to weaken according to the histogram. The ADX does show an overall trend continuing to fizzle out, with bears taking charge for the first time since the 2014-2015 bear market bottom. Bullish strength has also fallen below 20 for the first time in history.

BTCUSD_2022-08-25_09-44-53

A comparison between bear markets shows that the lines have yet to cross | Source: BTCUSD on TradingView.com
Related Reading: Learn How To Use The Ichimoku

Could Bitcoin Form A Perfect Bottom? TD Sequential Has One Week Left On 9

The TD Sequential is a market timing indicator designed by Thomas Demark. Simply reaching a 9-count on a downtrend is enough for a buy setup –– which is a positive case for Bitcoin currently. However, these signals are more powerful when the 9-count is “perfected”. To perfect the series, Bitcoin would need to set a lower low below the current bottom at $17,600.

Although bearish signals outweigh the bullish, price action continues to hold above a more than ten year long trend line. Until this line in the sand is lost, bull still have hope in staging a reversal. But more than likely they will need Mr. Powell and his money printing pals to cooperate tomorrow. 

BTCUSD_2022-08-25_09-44-10

The TD9 is on a nine-count with only a week left to "perfect" the series | Source: BTCUSD on TradingView.com

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.

All this week at Elliott Wave International is Trader Education Week. Here is free access to five exclusive videos from one of the world’s best Elliott Wave analysts. You can also get the Elliott Wave book for free with a no cost signup.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: adxaverage directional indexbitcoinbtcbtcusdBTCUSDTcryptoichimokulmacdMACDxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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