Fundamental data

Last week, weak economic data from the US put new pressure on the stock market. This also appears to be putting pressure on the crypto markets, as they are moving downwards. An upward breakout in Bitcoin could therefore be a long time coming.

The negative risk appetite is likely to continue overall. The coupon on the bond markets fell further, with the Dollar coming under pressure. This has often provided positive potential in the past, but not in the current market environment. Tech stocks in particular remain under pressure, which is likely to spill over into the crypto sector.

Technical analysis:

– BTC: Bitcoin is trading at USD 61,820 and has thus moved further downwards compared to the previous week. On Thursday last week, the market initially showed stability, although the trend was then quickly negated by the weak US labor market data. The sell-off did not stop at Bitcoin, resulting in further losses.

The weekly chart shows that the price has now fallen further away from the important psychological price level of USD 70,000. Further pressure could now result if the correction in the equity sector continues. Even the possible reduction of the key interest rate in the US in September could not help BTC.

– ETH: Ethereum is trading at USD 2,990. The pressure on the market continued. Further losses last week were the result. According to the weekly chart, however, the 50- moving average could soon provide support.

New upward potential could then emerge from there. However, if the price is unable to move upwards again from this level, further losses towards USD 2,500.00 could occur. Another support zone can be found along that zone.

– XRP: Ripple is trading at USD 0.5700. XRP has also seen strong downward pressure. Last week, a potential upward breakout occured, with the market testing the USD 0.6000 trading range.

The daily chart shows impressively that the pinbar candlestick then moved prices down again. Further losses could now be the result. However, a look at the monthly chart shows possible upward potential. Here, a breakout above USD 0.6500 could give the market a further boost.

– LTC: Litecoin is trading at USD 66.40. The market is once again the weakest of the tokens monitored here. Although the token continues to trade above the psychological USD 60.00 price mark, it shows little potential to break above it. Further losses could therefore be on the cards.

The monthly chart indicates that there could be further setbacks. The market is still trading below the 50-moving average.

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