Crypto

Bitcoin, Ether & Cardano Powered By NFP -by Ecork

Bitcoin, Ethereum and Cardano Outlook: Neutral

US employment data smashes estimates, easing recession fears, Bitcoin, Ethereum and Cardano prices rise

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) held steady as price action attempts to regain key levels.

with the world central banks to implement quantitative tightening Measures to tame high price pressures, which is positive US Nonfarm Payroll Report (Nonfarm Payroll) It exceeded expectations by a large margin (528,000 jobs versus an estimated 250,000).

A tight labor market that has returned to pre-pandemic levels in a decade-old environment inflation Paving the way for a 75 basis point rate hike to be announced in September Federal Open Market Committee Meeting.

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as such US Federal Reserve The (Fed) remains committed to achieving its dual mandate goals (to achieve 4% unemployment with an inflation target of 2%), and a variety of factors have affected the cryptocurrency’s trajectory.

BTC, ETH, ADA, and XRP are subject to regulation

However, despite growing fears of economic recession, contractionary monetary policy and the ongoing war, Bitcoin temporarily took a position above $22,000 in a bid to reclaim $24,000. psychological level Ethereum is heading towards $1800.

Despite strong economic data and better-than-expected earnings, Volatility is still low, which limits the upward movement. Meanwhile, the collapse of several major market players in the cryptocurrency space (Terra, Celsius and Three Arrows Capital) once again attracted the attention of the World Securities and Exchange Commission and other global regulators.

Bitcoin, Ethereum and Alt-Coins: A Brief History of Crypto Winters

For the week ahead, the major risk events that could provide additional impetus for the short-term movement include US CPI, Producer Price Index and Michigan consumer sentiment as investors continue to monitor geopolitics.

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However, a few technical levels still on the radar for Bitcoin on the upside include the $24,000 handle with a break higher paving the way for the 100-day moving average which is currently providing additional resistance at $25,945.

bitcoin daily chart

Basic Forecasts for BTC/USD: Bitcoin, Ether &  Cardano Powered by NFP

Source: TradingView, Chart by Tammy da Costa

Conversely, a break of the range below $22,000 could trigger $20,000 with the next level of support remaining at $18,000.

Ethereum (ETH/USD) daily chart

Basic Forecasts for BTC/USD: Bitcoin, Ether &  Cardano Powered by NFP

Source: TradingView, Chart by Tammy da Costa

for the ethereum support and resistance continues to hold at the 50 and 100 day moving average (MA) at $1,336 and $1,668 with the potential to push prices in either direction.

— By Tami Da Costa, Analyst for DailyFX.com

Connect with Tammy and follow her on Twitter: MustafaHosny Oh God, Amen

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